Photo: Science News For Students
Centre Refuses Excise Duty Cut On Fuel Products
The central government refuses to cut the excise duty cut on fuel products for fiscal concerns and a ₹10 cut may lead to a fiscal deficit of 0.58%, while it reduces inflation by just 0.2%. However, on July 20, the Centre explained that the petrol and diesel excise duty are being used for developmental infrastructure. Reportedly, additional expenditure for FY22 is expected during revised estimates.
Tags: Excise Duty, Fuel, Inflation, Centre
Courtesy: Money Control
Photo: The Indian Express
RBI Suggests Centre, States To Cut Petrol, Diesel Taxes To Ease Inflation
In order to ease the inflation, the RBI’s Monetary Policy Committee on June 4 suggested the Centre and states to reduce taxes and duties on fuel. The RBI’s remark came as petrol prices crossed Rs 100/litre in some states. Reportedly, taxes constitute 58% and 52% of petrol and diesel price. Highlighting the need for adjustment in excise duties, cess and taxes by governments, the MPC predicted inflation rate at 5.1%.
Tags: Petrol Price, Inflation, RBI, monetary policy committee
Courtesy: The Print
Photo: Rediff
Onion Prices Likely to Soar as Excessive Rains Damaged the Crops
Wholesale and retail prices of onions have started soaring across the country after several parts experienced excess rainfall leading to floods and crop damage. The good quality early-kharif onion crop producing states like Andhra Pradesh, Karnataka, Gujarat and Maharashtra have been severely affected. In major markets, prices have doubled while supply has, reportedly, halved. According to reports by The Print, prices can go upto Rs… read-more
Tags: Onion, Inflation, Nashik , Andhra Pradesh, Karnataka, Maharashtra
Courtesy: The Print
Inflation based on Wholesale Price Index stood at -3.21% for May 2020: Indian Govt
The Government of India said that the annual Inflation rate, as measured by the Wholesale Price Index was -3.21 per cent for May 2020 down from 2.79 per cent in the corresponding month of the previous year, 2019. In March, the Inflation rate was at 1%, declined from 2.26 % in the preceding month. This reflects a downturn in demand.
Tags: Inflation, WPI, Government of India
Courtesy: Twitter