The Finance Minister Jaswant Singh on Tuesday presented the Interim Budget for the financial year 2003-04. The following are some of the key highlights of the Interim Budget.

• Existing tax structure to continue
  
• GDP growth hiked to 7.5-8% in FY04
  
• Inflation to be at 4.8% by the end of current fiscal
  
• Fiscal deficit for FY04 estimated at 4.8% vs target of 5.6%
  
• Revenue deficit for FY04 projected at 3.6%
  
• For FY05, fiscal deficit projection is at 4.4% of GDP
  
• Disinvestment receipts for FY04 higher at Rs14,500 cr vs target of Rs13,200 cr
  
• Disinvestment target for next fiscal year is Rs15,000 cr
  
• Net tax revenue pegged at Rs187,539 cr against target of Rs184,169 cr
  
• Non-tax revenue estimated at Rs75,488 cr, an increase of Rs5,732 cr
  
• For Central Govt employees 50% DA to be merged with basic pay
  
• Tonnage tax introduced for shipping industry
  
• I-T exemption on power projects extended
  
• Countervailing duty for power sector to be examined
  
• Govt to announce special packages for tea and sugar industry
  
• Govt to set up Rs25,000 cr Defense Modernisation Fund
  
• Six hospitals - one each in Andhra Pradesh, J&K, Tamil Nadu, West Bengal, Jharkhand and Uttaranchal - to be upgraded to the level of AIIMS
  
• All farmers will be eligible for credit cards by March 31, 2004
  
• Kisan Credit Cards to be made ATM-compatible
  
• Committee to be set up for agriculture credit
  
• Farm fund to give loans at 200 bps below Prime Lending Rate
  
• Central Govt Stamp Duty cut up to 50%