I. Executive Summary

- Fiscal deficit for the year 96-97 - is maintained at 5% of GDP - as per original budget estimates. (With the help of Oil Pool account.)

- GDP growth is expected to be 7%.

- Most promises made in the previous budget have been fulfilled.

- Income tax rates have been reduced all across.

- Excise and customs duties have been further reduced.

- New and simplified Income Tax Act and Companies Act are to be introduced.

- New FERA law will be introduced.

- Expert group has been appointed for charting a "road map for full convertibility."

- Oil Pool deficit problem is getting more & more serious.

- Debt and interest costs continue to be high. Government is deep in the debt trap.

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