The Finance Minister announced the Union Budget 2008-09 on February 29. A strong economy further reinforced by unprecedented revenue buoyancy provided the FM a lot of room to maneuver. Critical social sectors, namely health and education received considerable attention.

In news which would have brought a smile to the working class, the threshold limit for exemption from personal income tax increased to Rs 1.5 lakh and for women it is Rs 1.8 lakh. The highlight of the budget was the complete loan waiver for marginal and small farmers.