Promise & Current Status

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Promise	Current status
New Bills on Company and Income Tax law	Committee have submitted summary reports recently. To be placed in Parliament in March, Says ministry.
Fifth pay Commission report	Report submitted. Committees to be formed on different aspects. Burden shifted to fiscal 1997.
To raise Rs 5,000 crore from PSU disinvestment and set up Commission	Commission set up without statutory powers. 40 PSUs recommended. None divested.
Traffic Commission	Cleared by Cabinet, members not announced
Expenditure Commission	Politicians aborted move
White paper on subsidies	Reworked NIPFP paper reportedly ready
Retargeting PDS	Initiated. Food subsidy to Zoom.
Insurance Regulatory Authority to be statutory. New policy reforms.	Done. strong Left opposition diluted move for further reforms.
IRBI to become FI	Done
Central stocks depository	Set up. Other capital market reforms on line
New bill on BIFR, Sick Industries Act	Still under review
Infrastructure Development Financial Corporation to be set up	Foreign funds not enough for corporate to start work. Tax sops not yet tapped.
Single divisible tax pool.	Discussion paper circulated
5 % per cent fiscal deficit. 2.5 % revenue deficit.	Targets likely to be exceeded to rising expenses and food subsidy bill and revenue shortfall.