Pointing out that fiscal deficit was a cause of concern, C. Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, said on Friday that action on reducing fuel and fertilizer subsidies would be taken “as early as possible.” “I would not like to put a time frame, I can only say that action will be needed and therefore will be taken as early as possible,” he told journalists on...

Prime Minister Manmohan Singh's direct involvement in the finance ministry has renewed reform vigour among officials, who plan steps to reform fuel pricing and accelerate domestic oil exploration, government and industry officials said. According to officials fuel pricing reforms are expected after mid July post Presidential poll, which would include a hike in Diesel rates by atleast Rs 3 per litre and limiting highly subsidized cooking gas cylinders to four refills...

Plans are afoot to cap the number of subsidised LPG cylinders at six to eight per annum to reduce the losses of state-run oil firms and bring down the burgeoning subsidy bill. Oil ministry officials said consumers might have to pay more for every additional cylinder, and the amount would be gradually linked to market rates. Sources said the finance ministry had asked the oil ministry to revisit its proposal made last...

-The Economic Times The Rae Bareli seat in Uttar Pradesh has been a Gandhi family bastion since 1967 when Indira Gandhi first stood for election from there. Sonia Gandhi adopted the constituency in 2004 and was re-elected with a huge majority in 2009. It should, therefore, be one of India's most developed districts. Right? Wrong. The Hunger and Malnutrition, or HUNGaMA, survey, released by the Prime Minister earlier this year, was...

Highway users should brace for paying toll even after the private road developer or the government recovers the capital investment with the interest. A new plan finalized by the government has proposed that road users would pay user charge for "efficient" operation and maintenance of the highway stretches in perpetuity. Under the new model, the highways ministry wants to levy a fee for projects taken up under short-term operation-maintenance-transfer (OMT) contracts...