Finance Minister Nirmala Sitharaman said there would be no solution to experiencing high domestic fuel prices unless the center and states come together to discuss the matter in detail.
Nirmala Sitharaman said her hands were “tied” when it came to easing the burden on petrol and diesel in the form of a cut in excise duties. It should be noted that India levies the highest taxes in the world on gasoline and diesel.
She also blamed the previous UPA-led government for current fuel prices.
“Our government pays for the UPA government’s tricks. The UPA has issued oil bonds with a principal in excess of Rs 1 lakh crore and for the past 7 fiscal periods the government has paid over Rs 9,000 crore in interest annually, ”said Nirmala Sitharaman.
Explained | How record fuel prices make life difficult for Indians
“If I didn’t have the burden of UPA’s oil bonds, I could have provided relief,” she added.
The government’s income situation has improved, but it cannot be linked to the issue of fuel prices, said the finance minister.
Nirmala Sitharaman’s testimony comes at a time when Fuel prices are at record levels across the country.
FM ON ECONOMY, PREPARING THE THIRD WAVE AND MORE
Finance Minister Nirmala Sitharaman also said the government was preparing measures to combat a possible third wave of Covid-19. Regarding the economy, the finance minister said that the situation is gradually improving with higher revenues and improved key indicators.
Sitharaman added that the country’s banks were also making profits. She said the public sector banks had a profit of over Rs.31,000 billion and had raised over Rs.58,000 billion in capital.
She said the government expects the festival season to boost demand, which is vital for the economy to recover quickly.
Regarding the retrospective tax issue, Sitharaman said Treasury officials are in talks with Cairn Energy Plc and the Vodafone Group on how they should be refunded and settled.
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She also confirmed that the Treasury Secretary is working on a cabinet note on the rules and regulations for cryptocurrencies.
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