Fiscal consolidation remained the
priority of the finance minister (FM) in the Union Budget 2007-08
with the fiscal deficit brought down to 3.7% in FY2007 and 3.3% for
FY2008 which are in line with the Fiscal Responsibility and Budget
Management Act targets. The FM had to tackle a host of things
ranging from rising inflation to budgetary impact on the ongoing and
upcoming elections. The FM has been able to present a budget that is
more or less on expected lines except for the hike in the dividend
distribution tax. His key focus areas in this budget have been
agriculture, education and irrigation projects. On the taxation
front, he has kept things mostly steady and also announced some
additional steps to control inflation in the short
term.
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