Updated with inputs from the Budget, speech available ( here), other documents here.

From the Union Budget 2008:
e-governance: The finance minister just announced an increased allocation to the Department of Information Technology, amounting to Rs.1,680 crore in 2008-09, up from Rs.1,500 crore in 2007-08. He mentioned the scheme for establishing 1 lakh broadband enabled common services centres (CSCs) in India and setting up state wide area networks (SWANs), which we’ve covered before. The scheme is in progress, and a new scheme for establishing State Data Centres has been announced. Rs. 450 crores will be allocated to for SWANs, and Rs. 275 crores will be allocated to State Data Centres and Rs. 75 crores to Common Service Centres.
National Knowledge Network: all knowledge institutions will be connected through an electronic digital broadband network, enabling sharing of resources and collaborating research. Rs. 100 crore is being allocated to the Ministry of Information and Technology for establishing a National Knowledge Network.
Convergence Products: The FM has proposed to reduce the duty on “convergence products” from 10 percent to 5 percent. What are “convergence products”? A rather vague definition: devices that provide “information, communication and entertainment”, so these could include PCs, mobile phones. Update: It appears that “convergence products” refers to MP3 and MP4 players, which will become cheaper: the customs duty (imports) is being reduced to 5 percent, while excise duty on MP3/MP4 players produced in India is being reduced to 8 percent. Relevant documents: Customs, Central Excise (both pdfs), an an explanation here.
Mobile Handsets: National Calamity Contingent duty at the rate of 1% has been imposed on mobile phones.
Data Cards: Excise Duty on Wireless Data Cards, earlier 16 percent, has been completely removed, reports Tech2. Airtel and Tata Communications will pass on the entire benefit to customers. Wireless data cards include PCMCIA or USB or PCI express ports. (pdf) Now if only they could do something about the quality of service…
Set Top Boxes: parts of Set Top Boxes and specified raw materials for use in IT/electronic hardware industry are being fully exempt from duty - specifically, SMPS and IR module. (pdf)
Gaming: Games will be more expensive. The Excise Duty on packaged software is being increased from 8 percent to 12 percent. Samir Bangara, COO of Indiagames confirmed to us that games come under packaged software, so they will be impacted. It appears that the service tax on customized software is being increased to bring it on par with IT services, and consequently, tax on packaged software is being increased to bring it on par with customized software.
Promotion of Music, Literature And Films: The government is going to help promote India’s music, literature, dance, art, cuisine and “especially films”, which are attracting huge interest around the world. Rs.75 crore is being allocated to the Indian Council of Cultural Relations to design and implement a programme to project these in “a sophisticated and subtle manner”.

From the Railway Budget a couple of days ago:
Mobile Ticketing: The Railway Minister announced a plan to do away with queues at Railway stations entirely, within two years. They intend to put up 6000 automatic railway ticketing machines, and allow customers to book both reserved and unreserved rail tickets through mobile phones.
RFID/Near Field Communications: Smart Cards will also be introduced by the Railways in Mumbai, which will be extended to Western Railways.
IT Plans Till 2012: The Railways is also looking to implement, by 2012, technologies like GIS (Geographical Information Systems), GPS (Global Positioning System). Railways is also looking at adding value added services - infotainment, on-board television and knowledge kiosks with Internet facilities.