Budget 1997-98: Full Text
- The Infrastructure Development Finance Company has been
incorporated. Section 80IA of the Income Tax Act grants a
five year tax holiday for certain infrastructure
projects. Last month, I announced that telecommunication
will qualify as infrastructure. I now propose to add Oil
Exploration and Industrial Parks to this category.
- I am also glad to announce that the vexed question of
assignability of telecom licences has been resolved and
that tripartite agreements are proposed to be entered
into among the Department of Telecommunications, the
licencee and the lenders.
- As Commerce Minister, I proposed in the Exim Policy that
supply of goods to oil, gas and power projects, if the
supplies are made under the procedure of international
competitive bidding, should be given the benefits of
'deemed exports'. As Finance Minister, I am glad to
accept this wholesome proposal. Details are being
- The National Highway Authority of India (NHAI) is now
geared to implement the new policy on roads and highways.
I propose to enhance budget support for NHAI to Rs.500
crore which is a significant step up from Rs.200 crore
provided in the current year.
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