Highlights of Interim Budget 1998-1999

• RS. 7594 CRORE TO BE DEVOLVED TO STATES UNDER VDIS IN 1997-98
  
• RS. 1000 CRORE MORE TO BE GIVEN AS ADDITIONAL CENTRAL ASSISTANCE TO STATES IN CURRENT FINANCIAL YEAR
  
• CONSTITUTIONAL AMENDMENT BILL TO BE INTRODUCED SOON TO GIVE EFFECT TO ALTERNATIVE SCHEME FOR SHARING OF RESOURCES BETWEEN CENTRE AND STATES
   
• INTERIM BUDGET SEEKS TO CONTINUE EXISTING TAX STRUCTURE
  
• FISCAL DEFICIT PEGGED AT 6.1 PER CENT FOR CURRENT FINANCIAL YEAR
  
• NET TAX REVENUE FOR CENTRE SHOWS A SHORTFALL OF 12.6 PER CENT
  
• LARGE SHORTFALL IN DISINVESTMENT RECEIPTS
  
• GROWTH IN ESTABLISHMENT EXPENDITURE TO BE CONTAINED PROCESS OF PSU DISINVESTMENT BEING ACCELERATED AND MADE TRANSPARENT
   
• ECONOMIC REFORMS TO BE DEEPENED, BROADENED AND ACCELERATED
  
• BUDGETARY SUPPORT PLAN AT RS. 64461 CRORE LEVEL CONTENT AND LEVEL OF BUDGETARY SUPPORT FOR THE ANNUAL PLAN 1998-99 TO BE REVIEWED IN THE REGULAR BUDGET
  
• REGULAR BUDGET WILL SEEK TO IMPART NECESSARY STIMULUS TO AGRICULTURE AND INDUSTRY, RESTORE DYNAMISM TO EXPORTS AND ENCOURAGE LARGER FLOWS OF FOREIGN INVESTMENT
   
• REGULAR BUDGET TO STRENGTHEN FINANCIAL SYSTEM, IMPROVE INFRASTRUCTURE AND BRING STRICT FISCAL DISCIPLINE