HIGHLIGHTS - India's 2008/09 annual budget

NEW DELHI (Reuters) - Finance Minister Palaniappan Chidambaram presented the union budget for 2008/09 on Friday, the fifth and final full one of the administration before elections due by May 2009.

Following are highlights and key quotes from the budget speech. The entire text can be seen at indiabudget.nic.in.

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MAIN POINTS:

* Total plan spending in 2008/09 seen at 2.4 trillion rupees ($60.3 billion). Non-plan spending seen at 5.07 trillion rupees.

* Government to waive debts of small farmers. The total cost of the farm debt waiver scheme will be 600 billion rupees.

* Fiscal deficit in 2008/09 seen at 2.5 percent of GDP compared to 3.1 percent of GDP in the previous year.

* Revenue deficit seen at 1 percent of GDP in 2008/09 compared to 1.4 percent of GDP the previous year.

* Government confident of GDP growth of 8.8 percent in 2007/08.