|
The total damage due to Tsunami covering Andhra Pradesh, Kerala, Pondicherry and Tamil Nadu is estimated as Rs. 11,934.74 crore. In the recent Joint Assessment Mission Report (The World Bank, Asian Development Bank and UN), it is noted that the Tsunami has had no impact on India’s GDP or that of the affected States/UT’s. The States/UT’s GDP are unaffected because economic activity along the coastline contributes very little to their income. The annual point-to-point inflation in terms of the Wholesale Price Index in the post-Tsunami period had in general shown a downward trend for primary articles, and also for manufactured products and overall inflation. There was no adverse impact of Tsunami on the general inflation in the country.
A special surcharge of excise on a range of products, the use of which should be discouraged, was levied as National Calamity Contingency Duty (NCCD) vide Finance Bill, 2001. Subsequently the levy had been extended to few more items namely polyester filament yarn, motor cars, multiutility vehicles and two wheelers, and crude oil in the Finance Bill, 2003. Levy of NCCD is proposed to be extended without any time limit in the Finance Bill, 2005.
This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in written reply to two separate questions raised by Shri D.Vittal Rao and Shri Prabodh Panda in Lok Sabha today.
BSC/BY/DN-157/05
|
