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%.