Bank equity to be sold to public, government stake to be brought down to 33%
Government stakes in all non-strategic PSUs to be cut to maximum 26%. Proceeds will be used to fund social sector, retire debt and recast PSUs
Fresh recruitment to be limited to essential, VRS for surplus staff, manpower needs to be reassessed
Peak customs rate cut from 40% to 35%
Excise rates simplified by introducing one single 16% CENVAT
Major import concessions for entertainment and infotech industries to make India a global force
Trick
Government will retain control over banks, weak banks will not be closed down
Token gift of Rs 1,000 crore to retire debt, no fund yet to retain proceeds, divestment target stagnant at Rs 10,000 crore
One new ministry, two new departments, Government manpower, excluding PSUs, will go up by 30,000 in 2000-01
The 35% rate will attract surcharge and special duty of 14% on I, so no change
Three new special rates, so actually five excise rates have been cut to only four
Due to special duty on traders, imported computers will cost the same. New tax on software exports, no infrastructure status for ISPs, silence on stock option tax breaks
