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Highlights of the interim Budget

Following are the highlights of the interim Budget (vote-on-account) for 1998-99 presented by Finance Minister Yashwant Sinha in the Lok Sabha on Wednesday:

* Rs 75.94 billion to be devolved to states under VDIS in 1997-98.

* Rs 10 billion more to be given as additional central assistance to states in the 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 the Rs 644.61 billion level content and the 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.