Federal Finance Minister Nirmala Sitharaman has announced various announcements on petrol, diesel price reduction & cylinder, fertilizer subsidy increase. In what he said,
1. Since the government headed by Prime Minister Narendra Modi took charge, various schemes have been launched for the benefit of the poor and common people. Inflation is particularly low in the Modi-led government, especially in previous governments.
2. The nations of the world are facing various crises; At a time when the Corona is recovering from the Great Depression, there have been economic crises and inflation in various parts of the world due to supply shortages and shortages caused by the Ukraine-Russia war.
3. The “Prime Minister Kareeb Kalyan Anna Yojana” project has been implemented in India and has received worldwide acclaim.
4. The Central Government has created an environment where there is no shortage of essential commodities in India despite the protracted challenge environment internationally. The Central Government has always taken firm measures to control the prices of essential commodities as there is no shortage of essential commodities in various developed countries.
5. Subsidy for Fertilizer has been increased from Rs. 1.05 lakh crore to Rs.
6. Excise duty on petrol will be reduced by Rs. 8 per liter and excise duty on diesel by Rs. 6 per liter. This will reduce petrol prices by Rs 9.5 per liter and diesel by Rs 7 per liter. The reduction in prices will result in a loss of Rs 1 lakh crore in revenue available to the Central Government through excise duty.
7. State governments have reduced VAT on petrol and diesel since the federal government reduced it in November last year. He has appealed to the state government to reduce the VAT this time around as a few states have not reduced the VAT.
8. This year, under the “Prime Minister’s Ujwala Yojana” scheme, 9 crore users will be given a subsidy of Rs. 200 per cylinder at the rate of 12 cylinders per annum.
9. Tariffs on plastic raw materials are reduced; This is expected to significantly reduce the cost of these dependent products.
10. Measurements are being taken in connection with the reduction of customs duty on iron and steel products. In particular, the excise duty on “raw material” goods will be reduced and the export duty on steel products will be increased.
11. All necessary steps will be taken to reduce the price of cement.
Union Finance Minister Nirmala Sitharaman posted on her Twitter page that all these announcements would be made public within the next one hour.