FALL IN DIESEL PRICE MAY HIT GOVERNMENT FINANCES

Article Abstract:

Indian Government will lose revenue heavily following the recent 10 percent reduction in diesel prices. The oil pool account will lose Rs4,400 crore per annum. In addition there will be loss of Rs700 crore in excise duty. The Government levies 15 percent duty. This heavy loss of revenue is because of high consumption of diesel. India consumes over 44 million tonnes of high speed diesel per annum, which works out to 45 percent of the total fuel consumption of the country. This loss is coming at a time when the Government is finding it hard to balance the budget deficit. The price cut, however, will benefit the people with less inflationary pressure. The prices of major petroleum products-diesel, petrol, LPG, aviation turbine fuel and naphtha- are controlled by the Indian Government. The users of diesel like transport sector, state transport bus services, trucks and railways will be major beneficiaries of the price cut. (psr)

Comment:

Indian Government will lose revenue heavily following the recent 10 percent reduction in diesel prices.

Commodity & service prices, Petroleum Refineries, Diesel Oil, Diesel fuels

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GDP TO PIGGYBACK ON 3.5% GROWTH IN FOODGRAIN OUTPUT

Article Abstract:

The gross domestic product (GDP) is estimated at 5.8 percent in 1998-99 by the Central Statistical Organisation, based on the 3.5 percent increase in foodgrain production and more than 5 percent growth in agriculture. Foodgrain production is estimated at 195.2 million tonnes, against an earlier estimate of 200 million tonnes, in 1998-99. According to the Centre for Monitoring Indian Economy, the overall agricultural output is likely to increase by 0.7 percent in 1998-99 at 193.95 million tonnes of foodgrains. (rk) (kvr)

Comment:

The gross domestic product (GDP) is estimated at 5.8 percent in 1998-99 by the Central Statistical Organisation, based on the 3.5 percent increase in foodgrain production and more than 5 percent growth in agriculture.

Research and Development in the Physical, Engineering, and Life Sciences, Market information - general, Statistics, Statistics (Mathematics)

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