Finance Minister P Chidambaram presented the Union Budget for 2008-09 in the Lok Sabha on Friday.

The minister laid clear focus on education, agriculture and rural sectors.

Announcing a 20 per cent hike in education budget this year - from Rs 28,674 crore to Rs 34,400 crore – the Finance Minister said more IITs and IIMs will be set up across the country. He laid stress on 'encouraging our students to take up studies in science' and announced various scholarships for students pursuing the subject.

Maintaining that keeping inflation under check was one of the cornerstones of the Government's policy, Chidambaram said the 11th Five Year Plan had begun on a robust note.

"Keeping inflation in check will be cornerstone of UPA government's policy," he said. "More can be done to improve inclusive growth," he added.

He also announced Rs 13,100 crore for Sarva Shiksha Abhiyan, Rs 8,000 crore for mid-day meal scheme and Rs 4,554 crore for secondary education scheme. With a clear emphasis on rural education, FM announced 410 additional Kasturba Gandhi Vidyalaya will be set up in backward blocks.

Senior citizens also found a significant mention in Chidambaram's speech. He announced a national programme to be started in 2009. He also announced centers for the elderly and health care centers for senior citizens.