Highlights of Economic Survey 2008-09 (Lead)

New Delhi, July 2

Salient features of a wish list in the Economic Survey for 2008-09 released by Finance Minister Pranab Mukherjee in parliament Thursday:

- Cut fuel, food and fertiliser subsidy leakages

- Raise foreign investment cap in insurance to 49 percent

- Allow 100 percent foreign investment in health, weather insurance

- Raise foreign investment cap in defence production to 49 percent and in high tech defence to 100 percent

- Raise Rs.25,000 crore from divestment every year

- Sell 5-10 percent in profitable non-Navratnas

- List unlisted state-owned firms, divest at least 10 percent equity

- Auction loss-making state-owned firms

- Rationalise dividend distribution tax to avoid double taxation

- Review customs duty exemptions

- Remove fringe benefit tax

- Remove commodity and security transaction taxes

- Limit subsidy on cooking gas to six-eight cylinders per household

- Kerosene subsidy only for non-electrified, non-cylinder homes

- Introduce new income tax code

- Provide fertiliser subsidy directly to farmers

- Target zero fiscal deficit

- Eliminate inverted duty structure

- Convert specific textile taxes to ad valorem

- Lift price control on all drugs except essentials

- Roll back excess liquidity once growth picks up

- Decontrol sugar and insurance industries

- Auction spectrum and make it freely tradable

Last updated on Jul 2^nd, 2009 at 13:28 pm IST--IANS

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