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Key Highlights of Indian Budget 2003-04
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Budget strategy of Indian Government
. Fiscal consolidation through tax reform.
. Government to accelerate disinvestment in next fiscal year.
. To integrate services under tax net in 2003-04.
. To introduce value added tax (VAT) from April 1, 2003. National government to compensate States 100 per cent for VAT losses in first year.
. To continue proactive policy of pre-paying high-cost external debt and to buy back high- interest government bonds from banks.
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