Rising prices in international market of items such as crude oil and fertilisers is forcing government to fork out more funds from its subsidy kitty. For instance, fertiliser subsidy bill is likely to rise by 21-30 per cent in the present financial year to Rs 75,000-80,000 crore against budget estimate of Rs 52,000 crore.
Target-based subsidy will help government reduce its subsidy bill and cut fiscal deficit. Finance minister Pranab Mukherjee in his last budget had announced that the government would bring down fiscal deficit to 5.5 per cent of GDP in 2010-11.
Brent crude futures for March 2011 on Intercontinental Exchange on Wednesday were hovering around $101.740 per barrel. The Indian crude basket, a combination of Dubai, Oman, Brent and WTI crude oil, hit $97.26 per barrel on February 1, up from $96.08 on January 31.
Centre will set up a secretaries’ panel headed by Cabinet secretary KM Chandrasekhar to consider nutrient-based subsidy (NBS) regime for urea. CoS will be formed as soon as possible, fertiliser
Consumers can breathe easy for the time being as the government has deferred a decision to revise prices of diesel, kerosene and cooking gas.
Taxpayers may breathe easy for another year, as finance minister Pranab Mukherjee is not likely to add any extra dose of tax liability on individuals in his forthcoming budget, renowned
A ministerial panel, headed by Finance Minister Pranab Mukherjee, today reached a consensus to give a go ahead to the draft mining bill, which seeks that miners share 26 per
The Supreme Court on Friday upheld the sovereign right of the Union government on ownership, pricing, quantity and distribution of natural gas.
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