The 2001/2 national budget and accompanying policy and statute changes are likely to have a major impact on the fortunes of India's textile and footwear companies. Announced last week, the highest level of income tax on individuals has been lowered from 35.1 to 30.6 per cent, and on companies from 39.55 to 35.7 per cent. Foreign companies, at 48 per cent, are unchanged.