Highlights of Interim Budget

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%.