IN THE BUDGET
THE NORTHEAST
A 10-year tax holiday for all industries set up in Growth Centres, Industrial Infrastructure Development Corporations, and for other specified industries in the region
WATER
National Movement of Watershed Development proposed to unify the multiplicity of watershed management programmes
THE Y2K BUG
All expenditure incurred by the corporate sector in making software systems Y2K compliant to be allowed as revenue expenditure in the next financial year (meaning there will be 100 per cent tax depreciation on the expenditure)
PULP AND PAPER
Excise duty on pulp reduced by 2 per cent, apart from the abolition of the 5 per cent special customs duty on pulp
BIODIVERSITY
The setting up of the National Bioresources Board proposed to coordinate policies, research, documentation and legal protection of the country's biological diversity
PHARMACEUTICALS
Foreign direct investment of 74 per cent allowed for the pharmaceutical industry. Two
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