| |
- DA to be merged with basic pay for govt employees
- Free baggage allowance raised to Rs 25,000, 40% duty on excess baggage
- Standard deduction and income tax exemption limits under study
- Tax exemption on long-term capital gains lapses on March 1
- Central govt's stamp duty halved
- No capital gains tax on farmers selling land to govt
|
| |
| Industry |
| |
- BPO: Status quo; no tax on outsourcing of peripheral services
- Tea: Special five-year term loan
- Power: Fiscal sops extended by six years
- Shipping: Tonnage tax regime on the anvil
- Capital goods: Deemed export status for items exempt from countervailing duties
- Sugar: Revitalisation package
- SSIs: Credit limit hiked to Rs 10 lakh
|
| |
| New schemes |
| |
- Rs 15,000 cr scheme to revitalise cooperative credit structure
- Rs 25,000 cr defence modernisation fund
- Farm income insurance scheme will be extended to 100 districts
|
| |
| FM SHINING: 2003-04 |
| |
| Macro-economy |
| |
- 13% nominal GDP growth
- 4.8% inflation rate
|
| |
| Revenue |
| |
- 36% corporation tax growth boosts tax revenue
- Disinvestment target to be exceeded by Rs 1,300 crore
Expenditure |
| |
- Subsidies cut by Rs 5,200 crore
- Interest payment reduced by Rs 2,700 crore
- Defence expense squeezed by Rs 5,000 crore
|
| |
| The bottom line |
| |
- Fiscal deficit down to 4.8% of GDP
|
| |
|
| |
