Finance Minister P Chidambaram presented the Union Budget for 2007-08 in the Lok Sabha on Wednesday. He announced that Indian investors will be allowed investment in overseas capital markets through mutual funds and that mutual funds will set up infrastructure fund schemes.

Here are some of the other highlights:

• Income tax limit will not be changed. Threshold limit is raised by Rs 10,000 giving every assessee a relief of Rs 1,000.
• Saving rate of 32.4 per cent, investment rate of 33.8 per cent will continue.
• A number of proposals to perk up agriculture to be announced.
• Bank credit rate grew by 29 per cent during first 10 months of 2006-07.
• Two lakh more teachers to be employed and five lakh more classrooms to be constructed.
• Manufacturing growth rate estimated at 11.3 per cent.
• 9.2 per cent GDP growth rate estimated in 2006-07.
• Average growth for last three years is 8.6 per cent.

More details to follow ---