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FINANCIAL EXPRESS FRONT PAGE

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Sunday, February 28, 1999

Budget briefs 

 
Integrated scheme to embrace all

Schemes named after former Congress Prime Ministers Jawaharlal Nehru and Indira Gandhi would lose their identity with Finance Minister Yashwant Sinha proposing a new integrated scheme embracing all the existing ones.The Indira Awas Yojna will be a part in `Samagra Awas Yojna', which would ensure integrated provision of shelter, sanitation and drinking water. A `Gram Samridhi Yojna' would be launched which would modify the existing Jawahar Rojgar Yojna to ensure that all funds were placed at the disposal of gram panchayats for creation of rural infrastructure. Annapurna scheme launched for indigent senior citizens

A new scheme "Annapurna" would be launched during 1999-2000 to provide food security to indigent senior citizens having no income of their own. The scheme will provide 10 kg of foodgrains free of cost per month to all indigent senior citizens who are also eligible for old age pension.The number of persons benefiting from the scheme will not exceed 20 percent of the old age pensioners in a particular state. The gram panchayat will be required to identify, prepare and display a list of such persons after giving wide publicity.

Spinning industry now part of tech upgradation fund scheme Technology Upgradation Fund Scheme has been extended to include the spinning industry."While we devote our attention to the new sunrise industries, the established industries like textiles which employ 300 lakh workers cannot be neglected", the finance minister said. The scheme will cover weaving, knitting, processing and finishing units, garment manufacturing, cotton ginning and processing and jute industry..

Tax holiday benefits for cold chain to boost storage

As part of government's programme to minimise movements in essential commodities, especially onion and potato, the government announced tax holiday benefits to cold chains in order to increase storage capacities.It was proposed to provide 100 per cent tax holiday for a period of five years and 25 per centdeduction from profits derived from operating a cold chain facility, which starts operating after April, 1999.

More farmers to get credit cards

Kisan credit cards have become very popular. The scheme has already got an enrollment of 600,000 farmers and would be broadened to another 20 lakh farmers. There was an announcement of a provision of Rs 168 crore for recapitalisation of regional rural banks. Watershed development plans unifiedAll the existing watershed development programmes has been unified under the newly launched National Movement of Watershed Development (NMWD) and a Watershed Development Fund has been established with Nabard to cover 100 priority districts within three years, for which the Central government will provide necessary matching assistance to Nabard. Sinha prepares a spicy broth with onions The pungency of the onion crisis, which proved to be a major cause of the BJP debacle three months ago, continued to haunt the Budget presentation. Not only was there a specific proposalregarding onions, but the Congress benches were particularly addressed -- while these announcements were being made. There was considerable amusement when the finance minister announced that a special storage capacity for 4.5 lakh onions was being created. Making the announcement, he said that the House and the main Opposition `can appreciate our concern for onions.'

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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