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Fuel taxes: The center and the states must act together, says FM

 


It does not hide the fact that revenues for governments are on fuel.  At the same time, the government wants the end consumer to pay less for fuel.  The goal is for central and state governments to decide mutually, she said.It does not hide the fact that revenues for governments are on fuel. At the same time, the government wants the end consumer to pay less for fuel. The goal is for central and state governments to decide mutually, she said.

Amid the uproar over gasoline and oil tax cuts following the relentless rise in retail prices of the two fuels, Finance Minister Nirmala Sitharaman said Thursday that the issue had to be resolved jointly by Center and state governments.

The minister said she would not be able to say if and when fuel taxes would be reduced, but added that retail fuel prices were not related to the bans imposed by the Center, but included excise (separate with states) as well as VAT collected from states. It does not hide the fact that revenues for governments are on fuel. At the same time, the government wants the end consumer to pay less for fuel. The goal is for central and state governments to decide mutually, she said.

As the government and the Reserve Bank of India (RBI) prepare for a review of a medium-term inflation targeting framework in March, the minister said the government was committed to ensuring that inflation does not go beyond acceptable levels. Economists have warned against a dilution of the existing target, especially given the increased fiscal deficit forecasts, up to FY26.

Under the current framework, headline retail inflation should be in the range of 4 (+/- 2)%

A day after Prime Minister Narendra Modi stated that the government has no business to be in business and that unused public assets will be monetized under a medium-term plan, Sitharaman also said the focus would be on privatizing CPSEs operating in non-CIS countries. strategic sectors.

Stressing the need for large but agile banks, Sitharaman said banks were caught up in securing long-term capital rather than focusing on their core banking operations. Pointing to the participation of the public, especially retail investors in government bonds and securities markets (G-Sec), she said it was time for the government to receive financial support from retail investors.

Speaking in an interactive session with students of the Indian Institute of Management (IIM), Ahmedabad on ‘Economic Rebound and the Indian economy in 2021 and beyond’, Sitharaman went on to say that even after the privatization of the disinvestment process, the presence of PSUs will to be solid.

The aim of central governments is to improve the efficiency of public sector units, even by privatization. Public money drives them. These organizations are owned by the people. It is the taxpayers’ money, which is invested in the PSU. They need to be well managed and professionally left out of being agile in operations, she said.

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