<h1>2008-09 Budget: Rs. 60,000 Crore Farm Debt Relief, Tax Cuts, and Boost for Education and Rural Employment.</h1> The 2008-09 budget introduces a Rs. 60,000 crore agricultural debt relief package, benefiting 4 crore farmers with a complete loan waiver for small and marginal farmers. The farm credit target is set at Rs. 2,80,000 crore, with short-term crop loans at 7% interest. Initiatives include establishing an Irrigation and Water Resources Finance Corporation, expanding the National Rural Employment Guarantee Scheme, and launching a national program for the elderly. Tax adjustments include increased income tax exemption limits and reduced excise duties on pharmaceuticals and small vehicles. The budget allocates significant funds for education, skill development, and minority development programs.