Advertisement
Saturday, Jul 02, 2022
Outlook.com
Outlook.com
Budget 2001

Budget Highlights

Budget Highlights
Budget Highlights
outlookindia.com
-0001-11-30T00:00:00+05:53
  • Accelerator on the privatisations process, public enterprises to be restructured.
  • Special excise duty reduced to a single rate of 16 per cent.
  • Surcharge of 15 per cent on cigarettes. Duty on bidis raised to Rs 7 per thousand from Rs 6. The total duty on pan masala would be 55 - 60%. Miscellaneous tobacco products like chewing tobacco would be charged to a total duty of 60%.
  • Excise duty on motor spirit and high speed diesel oil increased to 16 per cent. Levies an 8% excise duty on Compressed Natural Gas (CNG), which till now was exempt from any duty. Liquefied Natural Gas (LNG) exempted from the additional duty of customs (CVD).
  • 16 per cent duty on garments sold under the registered trade name.
  • Thrust on agricultural sector reforms and restrictions on free inter-state movement of food grains to be removed.
  • Kisan Credit Cards to all eligible farmers within the next 3 years.
  • Intensification of infrastructure investment, continued reform in the financial sector and capital markets.
  • Emphasis on rationalisation of subsidies and improvement in the quality of government expenditure.
  • Better educational opportunities and programmes of social security to be introduced.
  • Growth to be accelerated through stringent expenditure control of non-productive expenditure.
  • Revenue enhancement through widening of the tax base and administration of a fair and equitable tax regime.
  • Duty on second hand cars, old MUV, scooters and motorcycles enhanced.
  • Government raises basic import duty to 105% taking the total duty to over 180%.
    Centre proposes to reduce the basic customs duty on specified textile machines, including shuttle-less looms, from 15% to 5%.
  • Accredited journalists allowed to import camera, computers and fax machines etc… worth Rs. 1,00,000 without paying customs duty every 2 years instead of 5 years.
  • Government proposes to reduce customs duty on cement, and clinkers to 25% from 35%.
  • Gold to be cheaper, duty on it slashed from Rs. 400 per 10 grams to Rs. 250 per 10 grams.
  • Customs tariff rationalised, to be brought down to East Asian levels. It is to be achieved progressively within three years. They will be reduced to a minimum, with a peak of 20 per cent.
  • The central excise rules to be simplified to make them user-friendly
  • Budget estimates

    • The target of 5.1% of fiscal deficit in 2000-01 has been achieved first time in many years.
    • Total expenditure in the budget estimates for 2001-2002 is estimated at Rs 3,75,223 crore, of which Rs 100,100 crore is for plan and Rs 275,123 crore for non-plan.
    • The budget support for Central, State and UT Plans placed increased by Rs 13,862 (16%) crore over revised estimates 2000-2001 to Rs 100,100 crore.
    • Gross budgetary support for Central, State and UT Plans placed increased by Rs 48,269 crore in the revised estimates 2000-2001 to Rs 59,456 crore in 2001-2002.
    • Central Plan assistance to States and Union Territories in 2001-2002 increased to RS 40,644 crore from Rs 37,969 crore in the revised estimates 2000-2001
    • Non-plan expenditure in 2001-2002 is estimated to be Rs 2,75,123 crore compared to Rs 2,49,285 crore in Revised estimates for Rs 2000-2001.
    Advertisement

    Outlook Newsletters

    Advertisement
    Advertisement
    Advertisement

    Read More from Outlook

    Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

    Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

    In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

    How Indian Laws Govern People’s Right To Love And Live

    How Indian Laws Govern People’s Right To Love And Live

    In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

    Kohli Quits Test Captaincy, Leaves Leadership Vacuum

    Kohli Quits Test Captaincy, Leaves Leadership Vacuum

    Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

    UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

    UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

    A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

    Advertisement