The common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
The goverment on Wednesday ruled out any increase in petrol and diesel prices despite international crude oil prices touching an all-time high.
The government ruled out any major jump in petrol and diesel prices after the elections, but said a review to bring the domestic prices in line with the raw material cost will be done by the new government.
While hinting that further cut in petrol and diesel prices was likely during the next revision, Petroleum Minister Ram Naik on Saturday ruled out any possibility of increase in prices of LPG and kerosene
'Indian families' needs and expectations have gone through a revolution across economic demographics.' 'As this latest Modi-Sitharaman Budget demonstrated, politicians have understood this change. They are responding to it,' points out Shekhar Gupta.
India, which imports over 80 per cent of its oil needs, spent $87.7 billion on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
They registered their protest with a warning that any other such increase would make the party consider its future ties with the UPA.
India's economic growth is now 'extremely fragile' and needs all the support that it can get, as private consumption and capital investment are yet to pick up, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Friday. Varma further said out of the four engines of growth for the economy, exports and government spending supported the Indian economy through the pandemic, but other engines need to pick up the baton now. " I like to think in terms of the four engines of growth for the economy: exports, government spending, capital investment and private consumption. "...while exports cannot be the main driver of growth because of the global slowdown, government spending is necessarily limited by fiscal constraints," he told PTI.
State-run oil firms have sought a Rs 1.50 a litre increase in diesel prices to cover for the rising crude prices, but the government is unlikely to concede to their demand.
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
The Bharatiya Janata Party on Tuesday hit out at the government for the recent hike in petrol prices and alleged that this increase is a result of the UPA regime's wrong economic policies and not an outcome of any current global situation.
The World Bank has suggested that cess on petrol and diesel be doubled to Rs 3 per litre to partly generate Rs 100,000 crore (Rs 1,000 billion) needed by 2011 for constructing roads and highways in the country.
Indian Oil Corporation, the country's largest oil retailing firm, is seeking an increase of Rs 4 per litre and Rs 5 per litre in prices of petrol and diesel to recoup the Rs 489 crore
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Making a strong case for increasing prices of petrol and diesel, the government on Tuesday said cash loss of four major oil companies was alarming at a whopping Rs 1516 crore (Rs 15.16 billion) in a single month of July this year due to steep rise of
The issue united the entire Opposition with Swaraj as also Left leaders like Gurudas Dasgupta, Samajwadi Party chief Mulayam Singh Yadav and Rashtriya Janata Dal president Lalu Prasad addressing an impromptu joint press conference outside Parliament House.
Amid a spate of government proposals at its door, the Election Commission has asked all Union government departments to route their proposals through the Cabinet Secretariat.
As soon as the House met at 2 pm, papers were laid on the table and two resolutions adopted amid slogan shouting and protest by Congress members.
India should learn to live with high energy prices for rapid economic growth, said Planning Commission Deputy Chairman Montek Singh Ahluwalia after two of the state-owned oil companies hiked petrol rates this week.
Financial assistance of Rs 25,000 to one lakh persons going on pilgrimage to major Hindu temples, increase in maternity leave period and assistance, cut in fuel prices and steps to ban National Eligibility cum Entrance Test (NEET) were the various promises made by the Dravidian party.
The empowered group of ministers on fuel pricing is to meet this week to take a view on the price of diesel.
Against the backdrop of the Trinamool Congress' threat to pull out of United Progressive Alliance over the petrol price rise, Nationalist Congress Party chief Sharad Pawar on Sunday backed the government on the issue.
The government's decision to hike diesel price by Rs 5 has shocked the nation.
The initial purchase cost for an electric car may be high, but savings on fuel will help it pay back for itself in just a couple of years, if not faster.
The government will decide on increasing petrol, diesel, LPG and kerosene prices within the next 24-48 hours.
The oil ministry is in fact of the view that the government should bear the entire burden of the revenue losses incurred by the oil marketing companies, after the increase in prices is effected.
I admire Kejriwal's intelligence but pity the fact that he had to use all the ingenuity and scheming to achieve his revenue enhancement goal, says Sudhir Bisht.
More than a week after the state-owned oil firms ended a 19-day pre-Karnataka poll hiatus on revising fuel prices, petrol and diesel rates have touched record highs.
The government must be complimented for finally showing some determination in biting the bullet on petroleum prices. It must now stand its ground and ride the wave of political protests that are bound to be staged by an Opposition waiting to return to relevance.
Taking cues from the current issues, Amul ads present thought provoking ads.
International crude oil prices crossed the $60 a barrel mark yesterday--up from a record low of $32.40 in December last year--on the back of improved sentiment over the economic recovery, especially in China and Europe.
Parliament failed to transact any business on Monday as the Opposition members created uproar over hike in fuel prices and demanded immediate rollback.
Trinamool Congress MPs are likely to meet Prime Minister Manmohan Singh in Delhi on November 8 against the backdrop of the UPA ally's threat to pull out of the government on the petrol price rise issue.
The domestic car market, which sees sales of almost one diesel car for every petrol car sold, will see demand for diesel-powered cars to hit the roof.
Hyundai Motor India expects its SUV range to gain further traction in the domestic market with demand for personal mobility gaining momentum post the second wave of COVID-19, according to a senior company official. The company, which already leads the SUV space with models like Venue, Creta, Tucson and recently launched Alcazar, is looking to maintain its lead in the segment which is growing with each passing month.
Even as the Opposition is going hammer and tongs to enforce the nationwide strike call against the petrol price hike on Thursday, the common man seems to be backing off from joining the protest.
