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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (286)	2/29/2000 8:08:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

Budget:Top View/KV Kamath,CEO,ICICI Ltd- Duty relief to help knowledge based industries KV KAMATH Tightrope walk on fiscal deficit The first budget of the millennium has had to achieve a delicate balance between achieving the twin objectives of a lower fiscal deficit and fuelling industrial growth. Agriculture has been the backbone of the economy for many years and in the absence of substantial growth in industry output, agricultural income would serve as a key growth driver. Therefore, the thrust on agriculture in this budget is a welcome step. The increased stress on rural infrastructure development and the measures to enhance the flow of banking credit to the rural sector are all likely to strengthen the agro sector. The changes introduced in the indirect tax regime should result in some simplification in the existing structure and certain specific measures are significant. The reduction in peak rate of basic customs duty to 85 per cent and introduction of a CENVAT of 16 per cent are steps indicating the future course of tax reforms. Reduction in the rate of minimum alternate tax and the removal of ambiguity on incentives for corporate restructuring are other majors. Customs duty reliefs given to imports of IT and telecom components will benefit these knowledge based industries. Also, the reduction of customs duty rate on crude oil in the light of high international crude prices will help oil refineries and improve management of the oil pool account. The increased surcharge in direct taxes in the top income bracket may appear to be a retrograde step but was quite inevitable given the current fiscal situation. A major step in managing government finances has been taken by phasing out retention price for fertilisers and also raising the urea prices. Further, the growth in subsidies has been sought to be controlled by making sugar distributed through the public distribution system available only to non-income tax payers. -Indian Express Newspapers (Bombay) Ltd.