banner.jpg (11493 bytes)
Closing Statement

Economic Situation
Key Objectives
Small Scale Industry
Science & Technology
External Sector
Capital Market
Expenditure Management
PSU Reform
Revised Estimates
Budget Estimates
Indirect Taxes
Custom Duties
Direct Taxes - A
Direct Taxes - B
Closing Statement

Budget 1998-99
Budget 1997-98
Budget 1996-97


Closing Statement

With the Budget for 1999-2000, we will have set in motion a medium-term strategy for restoring the fiscal health of our economy. This budget proposes to reduce the revenue and fiscal deficits by 0.7% and 0.5% of GDP, respectively. At this rate of reduction, the revenue deficit will be eliminated in 4 years and the fiscal deficit will have declined below 2% of GDP. The budget proposes major reform of our excise taxes. In the medium-term we will move to a single rate and a full-fledged VAT system. Our customs duty structure will be phased down to Asian levels in 5 years. During this period Indian industry will have restructured and become fully competitive in world markets. Our knowledge-based industries will generate lakhs of jobs. The gains from competition and productivity growth will drive our exports to new heights. Over the same period our physical and human infrastructure will be raised close to world class. Above all, the basic needs of all our people for food, shelter, health, education and employment will be met within a decade from now.
These achievements will transform India into a genuine economic super power by the year 2020. The twenty-first century belongs to us.
In the words of the Prime Minister Shri Atal Behari Vajpayee -
(Hindi Poetry)
With dreams of prosperity and marching at a stormy pace, the tide of patriotism will not recede. Let the courageous come forward to join me.

Mr. Speaker, Sir, with these words, I commend the budget to this august House


Latest News>..<Fiscal Budget>..<The Economic Survey>
The Railway Budget>..<Post Budget Reactions>..<Other Policies>

Copyright 1996-99 MediaWeb India,
except where otherwise noted.
Please read the legal notice and disclaimers