Highlights of Economic Survey 2008-2009

New Delhi (PTI): Following are the highlights of the pre-Budget Economic Survey 2008-09.

# Unleash reforms - phase out cesses, surcharges and transaction taxes (such as commodities transaction tax, securities transaction tax and Fringe Benefit Tax)

# Introduce new Income Tax Code that results in neutral corporate tax regime

# 7-7.5% growth possible in 2009-10

# Allow 49% FDI in defence and insurance; permit FDI in multi-format retail starting with food

# Proposes another round of fiscal stimulus including tax cuts and increase in expenditure

# Decontrol petrol and diesel prices; end Govt monopoly in railways, coal and nuclear energy

# Lift all bans on future contracts to restore price discovery; decontrol sugar and fertiliser

# Revitalise disinvestment programme to generate Rs 25,000 crore annually, list all PSUs and auction those beyond revival

# Economic growth decelerated in 2008-09 to 6.7 per cent from nine per cent in 2007-08

# Fiscal deficit in 2008-09 shot up to over 6 per cent from 2.7 per cent in 2007-08

# Survey indicates FRBM-II to get back to path of fiscal consolidation

# Complete the process of selling 5-10 per cent equity in identified profit-making non-'Navratna' PSUs

# List all unlisted PSUs and sell a minimum 10 per cent equity to public.

# Auction all loss-making PSUs that cannot be revived

# In PSUs with zero networth, allow negative bidding in the form of debt write-off

# Auction 3G spectrum

# The auctioned spectrum must be freely tradable, with capital gains on spectrum to be taxed under the Income Tax Act

# Rationalise Dividend Distribution Tax to ensure full single taxation of returns to capital in the hands of the receiver

# Reform petroleum (LPG, Kerosene), fertiliser and food subsidies to reduce leakages and ensure targeting

# Limit LPG subsidy to a maximum of 6-8 cylinders per annum per household

# Phase out kerosene supply-subsidy by ensuring that every rural household has a solar cooker and solar lantern

# Review customs duty exemptions and move to a uniform duty structure to eliminate inverted duties

# Implemnet GST from April 1, 2010

# Rapid operationalisation of UID Authority within 3 months

# Agriculture growth fell sharply to 1.6 per cent in 2008-09 from 4.9 per cent

# Exports grew at 3.4 per cent to 168 billion dollar in 2008-09 from 163 billion dollar in previous fiscal

# Imports grew at 14.3 per cent to $287.75 bn from $251.65 bn

# Trade balance deteriorated to $119.05 bn from $88.52 bn.