Prime Minister: A. B. Vajpayee
The gold airlift, liberalisation, and a floating rupee.
Bank Rate
8%
−1 pts on 1998
Rupee per dollar
₹43.13
+4.3% on 1998
Inflation
4.67%
−8.56 pts on 1998
GDP growth
8.85%
+2.66 pts on 1998
Reserves
$36,005m
+17.5% on 1998
External debt
$99,780m
+1.5% on 1998
South Asia (Ladakh / LoC)
527 Indian soldiers killed. The fiscal cost was absorbed within the 1999-2000 defence budget (exact figure ?). Markets were largely unaffected (Sensex rose over the period). Came 12 months after the Pokhran sanctions
ReportedOfficial record. Source: Kargil Review Committee report (2000); Lok Sabha answers
The record for 1999 is thin. Figures and events not shown here have not been found in the sources, not been found to be zero.
Jammu & Kashmir, Kargil–Dras sector along the Line of Control
Defence spending above the budgeted allocation; rupee and equity market weakness during the conflict. Documented fiscal channel: voluntary public donations to the National Defence Fund in the name of the Kargil war amounted to Rs 472.56 crore as on March 2000, of which Rs 3.20 crore had been released; a separate non-public Army Central Welfare Fund collected Rs 262 crore, of which Rs 260.82 crore was earmarked for families of deceased and disabled soldiers
VerifiedOfficial record. Source: Rajya Sabha, Unstarred Question 1372, 2000-03-08, Defence Minister George Fernandes (archive.org)
South Asia
Aviation and border-security costs; three militants released. No market magnitude traced in this session
UnconfirmedOfficial record. Source: Not sourced in this session
