Sir, I beg to move that the bill to give effect to the financial proposals of the central government for the financial year, 2001-02, be taken into consideration. Sir, I had, in my speech in the house on 24 July, 2001 while presenting the budget for 2001-02 explained the main features of the proposals contained in the bill. The explanatory memorandum circulated to the hon. Members also contains the details of the specific provisions in the bill. I do not, therefore, propose to go over the detailed provisions of the bill once again. I feel gratified that the budget has evoked a great deal of interest, and during the debate on the budget in this house, a number of very constructive suggestions were made by the hon. Members with regard to some of the proposals contained in the bill. I have also received a large number of representations from members of the public, trade unions, voluntary organisations professional bodies and chambers of commerce on the proposals in the bill. I express my sincere gratitude to all of them for giving us these valuable suggestions! I would like to assure the hon. Members that we have given very careful consideration to all points which have been made with reference to my proposals. Taking up the provisions for direct taxes, in line with our objective of giving a thrust to exports? I propose to increase the tax incentive for exporters under section 80 hhc of the income tax profit on sale of scrips will be treated as exports profit in the proportion of the export turnover to the total turnover of the business! Hon. Members will recall that I had proposed certain modifications in the scheme of tax concession for tourism industry as contained in section 80 hhd of the income-tax scheme. Being a clever lawyer, he has given an interpretation in relation to the prerogative of the president of the head of the state and the powers that would exist in relation to the President. But, as we go along, we are trying to modulate this policy and implement this policy in a way in which we can give as much satisfaction to a sector which needs attention at a particular time. So there is no question of this policy having been framed on account of pressures from the mill sector or the capitalists in the mill sector, as has been said because they have suffered the most.
