In my earlier post I have given my guess list. My list was correct by more than 3/4th.

What happened from my list:

• FM had done nothing for Dollar hit export industry including IT
• Increase in Defence spending
• Dividend tax was tweaked
• Income tax exemptions increased by good percentages
• 6th Pay commission was accepted
• Farm credits /benefits were announced

What didn't happen from my list:

• Service tax rates were not changed (Good)
• A new committee for simplification didn't happen (Good, we have had enough committees)

The points I liked about the budget:

• Promised allocation for Minimum Work / Employment schemes
• Pushing the states for more accountability on central funded projects
• Drinking water availability in all villages and in all schools in India
• Allocation of over Rs.200 Crores for Chennai's Desalination plant
• Service tax for Customized Software (though I don't like the tax, it at least put an end to all arbitration on whether it is applicable or not)
• No change in corporate tax rate (Good)

Read the complete post at http://www.venkatarangan.com/blog/2008/03/01/Indian+Budget+2008+What+Happened.aspx