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Effect Of Reduction In Petrol And Diesel Prices Will Be Seen, Will Have An Impact Of 45,000 Crore Rupee On The Exchequer

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Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Updated Thu, 04 Nov 2021 04:35 PM IST

Summary

The cut in excise duty on diesel and petrol will have an impact of Rs 45,000 crore on the exchequer and will increase the Centre’s fiscal deficit by 0.3 per cent. Japanese brokerage company Nomura has released this report.

Reduction in the price of petrol and diesel (symbolic picture)
– Photo : Amar Ujala

The cut in excise duty on diesel and petrol will have an impact of Rs 45,000 crore on the exchequer and will increase the Centre’s fiscal deficit by 0.3 per cent. This was stated in the report of a foreign brokerage company released on Thursday. Japanese brokerage company Nomura has released this report.

Economists expressed this possibility
The company’s economists have said in this report that in terms of total consumption, this surprising move will have an impact of Rs 1 lakh crore on the exchequer for the entire financial year, which will be 0.45 percent of the gross domestic product (GDP).

Fiscal deficit will increase
For the remaining months of the current financial year, there will be an impact of Rs 45,000 crore on the exchequer, which will increase the fiscal deficit. Economists in their report said the fiscal deficit is expected to come down to 6.5 per cent, as against the earlier estimate of 6.2 per cent and underlined that it would still remain short of the target of 6.8 per cent.

Central government had reduced the prices on Choti Diwali
The central government on Wednesday announced a reduction in excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter on the eve of Diwali. According to the statement issued by the government regarding the reduction in the prices of petrol and diesel, the farmers, with their hard work, maintained the pace of economic growth even during the ‘lockdown’ and the huge reduction in excise duty on diesel will help them in the upcoming Rabi season. will be encouraged during

Petrol and diesel prices were increasing continuously
In recent months, crude oil prices have seen a jump globally. This has led to an increase in domestic prices of petrol and diesel in recent weeks, adding to inflationary pressures. After the reduction in the prices of petrol and diesel by the central government, many states have also given big relief to the general public by cutting VAT. Many states including Madhya Pradesh, Haryana, Odisha, Karnataka, Sikkim, Manipur have cut VAT on petrol and diesel.

Expansion

The cut in excise duty on diesel and petrol will have an impact of Rs 45,000 crore on the exchequer and will increase the Centre’s fiscal deficit by 0.3 per cent. This was stated in the report of a foreign brokerage company released on Thursday. Japanese brokerage company Nomura has released this report.

Economists expressed this possibility

The company’s economists have said in this report that in terms of total consumption, this surprising move will have an impact of Rs 1 lakh crore on the exchequer for the entire financial year, which will be 0.45 percent of the gross domestic product (GDP).

Fiscal deficit will increase

For the remaining months of the current financial year, there will be an impact of Rs 45,000 crore on the exchequer, which will increase the fiscal deficit. Economists in their report said the fiscal deficit is expected to come down to 6.5 per cent, as against the earlier estimate of 6.2 per cent and underlined that it would still remain short of the target of 6.8 per cent.

Central government had reduced the prices on Choti Diwali

The central government on Wednesday announced a reduction in excise duty on petrol by Rs 5 per liter and on diesel by Rs 10 per liter on the eve of Diwali. According to the statement issued by the government regarding the reduction in the prices of petrol and diesel, the farmers, with their hard work, maintained the pace of economic growth even during the ‘lockdown’ and the huge reduction in excise duty on diesel will help them in the upcoming Rabi season. will be encouraged during

Petrol and diesel prices were increasing continuously

In recent months, crude oil prices have seen a jump globally. This has led to an increase in domestic prices of petrol and diesel in recent weeks, adding to inflationary pressures. After the reduction in the prices of petrol and diesel by the central government, many states have also given big relief to the general public by cutting VAT. Many states including Madhya Pradesh, Haryana, Odisha, Karnataka, Sikkim, Manipur have cut VAT on petrol and diesel.

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