Budget-1998
Fiscal Deficit: 5.1%

• Eight per cent customs levy in lieu of sales tax to provide level playing field to domestic industry
• Tax mop-up of Rs 81,000 crore to fund massive public spending programme 
• Re 1 cess on petrol to fund highway development (rolled back later)
• Special package including hike in excise exemption limit for small scale industry
• Concept of privatisation enunciated for the first time
• Fertiliser subsidy reduced by Re 1 only to be rolled back later
• Opening up of insurance sector promised
• Coal and lignite and petroleum sectors delicensed
• Norms for FII debt funds liberalised

Budget-1999
Fiscal Deficit: 5.6%

• Continues tax-and-spend policy; more taxes to net Rs 9,000 crore
• Excise rationalisation kicked off; excise slabs reduced from 11 to three
• Reform of indirect tax administration begins by scything procedures
• Peak customs rate brought back to 40 % from 45%
• Easier tax regime for restructuring businesses through M&As
• Rs 10,000 crore target for disinvestment proceeds
• Expenditure Reforms Commission announced
• Promises expanded list of sectors for automatic approval of FDI; announces Foreign Investment Implementation Authority

Budget-2000
Fiscal Deficit: 5.1%

• Income from exports, including software, taxed
• Dividend tax as well as top income tax rate increased
• Peak duty for range of products going off QRs hiked
• Excise reforms carried further-Cenvat paves the way for VAT
• Further simplification of excise procedures
• Food and fertiliser subsidy slashed
• Peak customs duty reduced to 35 per cent from 40 per cent
• Interest rate on small savings reduced
• FII investment limits hiked
• Banking reforms, fiscal responsibility legislations announced

Budget-2001
Fiscal Deficit: 4.7%

• Focus on improving agricultural productivity and profitability
• Food economy/subsidy reforms kicked off
• Power sector outlays linked to reforms in SEBs
• Ends price and distribution controls on petroleum products, fertilisers, drugs, and sugar
• Interest on small savings reduced by 1.5 per cent
• Financial sector and capital markets reforms stepped up
• Bankruptcy and labour law reforms flagged off
• Dereservation of small scale industry kicked off
• Surcharges on direct taxes reduced
• Excise further simplified; three additional excise duties merged
• Peak customs tariff reduced to 35 per cent

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