Ongc Second-Quarter Net Rises 49 Per Cent To Rs 903 Crore

Kargil has inevitably drawn attention to the state of the nation's fisc. Besides expenditure pressures arising out of the conflict, the government is also worried about its ambitious plans to divest Rs 10,000 crore of stock in public sector undertakings in 1999-2000. With more than half the year lost to political uncertainty, achieving this target in the next six months is a tall order. And with the Cabinet clearing a bailout package for private telecom operators, the exchequer is set to forgo Rs 1,400 crore in licence fees.

The only ray of light, as it were, is that indirect tax revenues have been encouragingly buoyant. Between April and June, aggregate indirect tax collection was Rs 23,151.8 crore, a 20.9 per cent growth year on year.