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 Sinha targets excise duties, corporate taxes
- Taxes to mop up Rs. 6,904 crores - Fiscal deficit at 5.1% - Record hike in defence outlay - Excise duty regime in for overhaul - PDS articles become costlier - Customs duty on petro goods cut

'Feel-good factor' missing
The Finance Minister, Mr. Yashwant Sinha's Budget for 2000-2001 presented to Parliament today, surprisingly, did not have the ``feel good factor''. Though he addresses some of the problems in the economy, Mr. Sinha has fallen short of taking the bold steps necessary to stem the rot, especially in terms of cutting non-developmental expenditure of Government.

Rural economy growth to be sustained
The following is the text of Part A of the Union Finance Minister, Mr. Yashwant Sinha's budget speech in the Lok Sabha on Tuesday. Sir, I rise to present the first budget of this millennium. This budget for 2000-2001 has some other firsts to its credit also. It is the first budget of the new Government which took office in October 1999 under the visionary leadership of Shri Atal Behari Vajpayee.

 Indirect tax structure to be overhauled
The following is the text of Part-B of the Finance Minister's speech giving the tax proposals: Sir, I now present my tax proposals. I take up indirect taxes first. Hon'ble Members are aware that both the Centre and the States depend heavily on indirect taxes. While I did carry out a major restructuring of the excise rates last year, the process needs to be taken further.

 How the rupee is earned
The Union Government, according to the Budget, earns 18 paise of a rupee by way of excise, customs 14 paise, income tax eight paise, and corporation tax 10 paise.

 How the rupee goes
The Government has to spend a whopping 26 paise to service its market loan for every rupee it earns through taxation and other methods.

Army gets lion's share of funds
The defence Budget in the fiscal 2000-01 has registered a significant hike, signalling that the cycle of modernisation, especially for the Army and the Indian Air Force (IAF) has begun.

More allocation for para-military forces
The Union Budget has substantially stepped up allocations for the Central para-military forces following overshooting of revised estimates for the current fiscal. It also increased the assistance to State Governments for modernisation of police forces.

TPDS rations dearer
Sugar, wheat and rice distributed through the Targeted Public Distribution System (TPDS) shall become costlier as a result of the measures announced by the Union Finance Minister, Mr. Yashwant Sinha, in his Budget proposals today.

Farm sector to get less
The Finance Minister, Mr. Yashwant Sinha, today focussed on broad-based growth of agriculture and the strengthening of rural infrastructure as central to the achievement of a sustained, equitable and job-creating growth of seven to eight per cent.

Major concession for shipping industry
The Union Finance Minister, Mr. Yashwant Sinha, has conceded the long-pending demand of the shipping industry by proposing to allow 100 per cent deduction for the entire profit kept aside by a shipping company for modernisation and strengthening of its fleet through new acquisitions.

New regime for venture capital funds
The Finance Minister, Mr. Yashwant Sinha, today unveiled proposals to help industry globalise through easier acquisitions abroad and simultaneously promote investment in knowledge-based industry through the long-awaited new regime for Venture Capital Funds (VCFs).


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