The pre-election union Budget was expected to be on populist lines and the current Budget lived up to this trend. The Budget focussed on social outlay and tax reform was not the main driver.

This Budget was presented in the context of an interesting year from a macro-economic perspective. The year started out on a very positive note with strong economic indicators and a buoyant capital market, but ended with tangible concerns around a slowdown in global growth and its impact on emerging economies like India and China.

In presenting the budget for 2008-09, Finance Minister P. Chidambaram seems to have achieved the impossible. He did not give up any of the ongoing schemes or subsidies; in fact, allocations for most of them have been enhanced.

The Finance Minister was uniquely positioned to present a landmark Budget, as Budget 2008 comes in the backdrop of robust economic growth in GDP of 8.7 per cent in 2007-08.

You may be a Harvard Graduate, one of the finest legal minds in the country and even an old hand at budget making, but when you are also a politician with political masters and, worse, an election to win, then you have no choice but to set aside whatever your rational mind may dictate.

Budget 2008-09, which is high on promises for indebted farmers, rural development projects focussing on health, education and employment, also tucked in a few surprises for the urban tax payers.

Agriculture may be the buzzword, but sweeping duty cuts impact other sectors, too. Easily the sectors that benefitted most from Budget were auto, lifesciences, and media.

Buoyant tax revenues a lower fiscal deficit and an economy that’s in top gear permit the FM to pump big money into agriculture and the social sector. Those efforts might help at the hustings, too.

The economic backdrop to the Budget 2008 was mixed; though India has witnessed high growth rate in the recent past, coupled with burgeoning foreign exchange reserves and phenomenal increase in the direct tax collections, the fear of US slowdown, inflation, ever-strengthening rupee and high interest rates, are a matter of some concern.

Few finance ministers enjoy the comfortable buffer that P. Chidambaram did when he put together Budget 2008. A booming exchequer with tax revenues exceeding targets, a consistently growing economy and a robust inflow of foreign investment.

P. Chidambaram considers himself a lucky Finance Minister—that is, one who brings luck. And lucky he has been over the last four years as India’s Chief Financial Officer, but not so much because of his government’s policy making as the economic boom across the world.

Writing off farm loans worth Rs 60,000 crore, increasing Income Tax exemptions, slashing excise duties?Finance Minister Chidambaram’s Budget 2008 is aimed at winning votes in an early poll. Watch complete Budget speechHighlights of Union Budget 2008Full coverage: Budget 2008Surfers' comments on Budget 2008Read full text of FM's speechClick to read sectoral analysisRead experts views on Budget 2008Budget at a glanceWhat’s cheaper, what’s dearer?

Rising household incomes, per capita consumption, increased FOReign investments and growing demand from rural markets have allowed the sector to grow at a steady 12-13 per cent in 2007.

The Tourism Industry has been on a high growth trajectory. In the premium segment, RevPARs (Revenue Per Available Room) increased by 4 per cent to 40 per cent (during April-December 2007 as compared to the same period of 2006) across eight major cities with the exception of Bangalore.

Some CEOs liked it, some didn’t, but few could afford to ignore Chidambaram’s 2008-09 budgetary bouquet.

Small cars are in the fast lane, but mobile phones get dearer.

Budget 2008 does not have any radical or bold moves on the indirect tax front. This is probably just as well, given that in an election year, the best that one can expect is no overly populist measures.

Budget 2008 hasn’t tinkered with the investment landscape too much save promising a few more investment products. Here’s what it has in store for your investments.

IT-ITES Sector revenues are expected to touch $64 billion (RS 2,56,000 crore) in 2007-08, up 33 per cent over 2006-07.

The Media and Entertainment Industry was estimated at Rs 55,000 crore in 2007, having grown 22 per cent over the previous year.