Chidambaram also jokingly said the country having a "lucky" Finance Minister may have been a factor in the tax to GDP ratio rising to 12.5 per cent at the end of 2007-08 after the UPA government inherited a 9.2 per cent ratio in 2003-04.

"High growth rates have helped. Changes in attitudes have also helped. Above all, information systems and technology have helped most. And, if I may add in a lighter vein, having a lucky Finance Minister may have also helped!," Chidambaram said.

As he rose to present the 2008-09 Budget, Chidambaram said he had the honour of presenting all five budgets on behalf of a government-- "a rare honour that he had the privilege to share with only one of my distinguished predecessors Dr Manmohan Singh."

Manmohan Singh earned this distinction when he was the Finance Minister during P V Narasimha Rao's premiership.

After giving sops to the working class people who stand to benefit by up to Rs 44,000 a year in income tax through his budget, Chidambaram thanked all tax payers and promised them an efficient and tax payer-friendly administration.

"We are on course to achieve the budget estimates of indirect taxes and exceed Budget estimates of direct taxes."

The Finance Minister prefaced his tax proposals saying many people are surprised by the buoyancy in tax revenue, especially in direct taxes but that he was not.

"I have always maintained that moderate and stable tax rates coupled with a tax administration that shows no fear or favour will bring high revenues to the exchequer," he said.

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