-PTI NEW DELHI: Finance Ministry today agreed to dole out a record Rs 100,000 crore towards diesel and cooking fuel subsidy in 2012-13 but wants pricing formula to be changed from current year to cut down the outgo. Finance Ministry, which had previously given out cash subsidy of Rs 55,000 crore, agreed to give Rs 40,000-45,000 crore more to cover for unmet revenue losses on fuel sale in the fiscal year ending...
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The freebie nation-Sreelatha Menon
-The Business Standard The Union Budget shows the charitable instincts of the government continuing to overwhelm it - though some would call it part inefficiency and part helplessness. The exemptions given to citizens on the tax they ought to pay have been exceeding the Plan expenditure, and even the total fiscal deficit as it did in 2012-13. This has prompted criticism from the Left parties and activists, who view it as evidence...
More »A committee to ‘administer’ a ‘market price’ for gas-Sunjoy Joshi
-The Hindu In his article in The Hindu (editorial page, “Making a mockery of domestic gas pricing,” January 18, 2013, Surya P. Sethi attacks the gas pricing formula proposed by the Rangarajan Committee, curiously enough, for being based on numbers from foreign markets that do not reflect the supply, demand or cost of production in India. I say “curiously” because on the exact opposite side, domestic producers are also pillorying the committee’s...
More »Farm trade paints an optimistic picture of the economy-Ashok Gulati and Surbhi Jain
-The Economic Times It has never happened since Independence. May be not even in the last 1,000 years what happened during October 2011-September 2012. India exported 10 million tonnes of rice, valued at around $6 billion, becoming the largest exporter of rice, replacing Thailand and Vietnam, generally the two largest exporters of rice. This is now known to many in rice circles. But what is little known is that in 2011-12, India also emerged...
More »Oil PSUs: Decoding the math of loss or under-recovery and what it means-Avinash Celestine
-The Economic Times How right was the government when it stated that the under-recoveries posed a threat to 'our national economy'? Or when the government says that it gave more to the sector in the form of subsidies than it earned as fuel taxes? The government would also like you to believe that the under-recoveries, dependent as they are on the price of crude in the international market, and the exchange...
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