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Highlights of Interim Budget
February 03, 2004 12:38 IST
Last Updated: February 03, 2004 13:13 IST
The following are the highlights of the Interim Budget presented by Finance Minister Jaswant Singh in the Lok Sabha on Tuesday.
- 50% Dearness Allowance of the pay will be merged with basic salary of Central government employees
- No changes made to tax structure.
Government committed to 2nd green revolution.
- Govt to focus on jobs generation, poverty eradication and fiscal consolidation.
- GDP growth is expected to be 7.5 to 8 per cent in the current fiscal year. Level of growth is matter of great satisfaction, says finance minister.
- Declining interest rates and buoyant capital markets have boosted the economy.
- First RBI forex report today
- Six hospitals -- one each in Andhra Pradesh, J&K, Tamil Nadu, West Bengal, Jharkhand and Uttaranchal -- to be upgraded to the level of AIIMS.
- All farmers will be eligible for credit cards by March 31, 2004.
- Kisan Credit Cards to be made ATM-compatible
- Committee to be set up for agriculture credit.
- Tea growers to get loans up to Rs 200,000 at 9% interest rate.
- The loan limit on credit card for small-scale entrepreneurs to be raised from Rs 200,000 to Rs 10,00,000.
- National Cattle Development Board to be set up.
- Non-lapsable defence modernisation fund of Rs 25,000 crore being created.
- Accelerated drinking water projects for Bangalore, Chennai, Hyderabad and Delhi to be implemented.
- Additional innovative funding to be given to speedier execution of Indira Gandhi Canal project in Rajasthan.
- Airport in Jaipur to be upgraded to an international airport.
- IDBI's role to be strengthened as a lead development financial institution.
- Service tax procedures simplified
- Long-term capital gains tax break extended by 3 years
- E-filing of excise returns from June 30
- Income tax deduction, standard deduction to be revisited
- Rs 15,000 crore for co-operative sector
- Stamp duty cut up to 50%
- Defence modernisation fund of Rs 25,000 cr
- I-T exemption on power projects extended
- Tax burden reduced for shipping companies
- Farm fund to give loans at 200 basis points below PLR
- Task force to review desert development programmes
- Special package for tea, industry to be announced
- Countervailing duty for power sector to be examined
- Single return and registration for service tax payers.
- Rs 11,145 crore savings achieved in expenditure.
- Customs clearance to be on basis of self assessment from June 30.
- E-filing of excise returns to be introduced from June 30.
- Net tax revenue pegged at Rs 1,87,539 crore.
Non-tax revenue pegged at Rs 75,488 crore, an increase of Rs 5732 crore.
Fiscal deficit to be 4.8 per cent of GDP as against projected 5.6 per cent during 2003-04.
Non plan expenditure up by Rs 16,218 crore on account of debt servicing, defence and food subsidies.
Fiscal deficit at 4.8% of GDP, revenue deficit at 3.2%.
Singh promises to rein in inflation at 4.3%.
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