Government to talk to allies on fuel price hike

Mukherjee briefs Congress MPs on budget constraints

PTI | March 3, 2010


Finance Minister Pranab Mukherjee, a file photo
Finance Minister Pranab Mukherjee, a file photo

Finance Minister Pranab Mukherjee today said that the government would talk to its allies on the issue of fuel price hike but gave enough hints that a rollback would be difficult.

Party sources said that Mukherjee briefed the Congress MPs about the salient features of the budget against the backdrop of the demands for a rollback in fuel prices and explained why reduction in the excise duty on petroleum products was difficult.

The finance minister informed the Congress MPs about the challenges before the government in the current economic scenario.

Mukherjee is learnt to have told the MPs that since no new taxes have been imposed in the budget and the government is expecting a GDP of 8.5 percent from 7.2 percent in the outgoing financial year, some steps were required to mop up revenues. This was more so as the government plans to invest heavily in the social sector schemes, the sources said.

He also gave a comparative chart of the fuel price hike done under the UPA and the NDA respectively in which he explained that the rise in prices of petroleum products was far less during the UPA rule as compared to that of the NDA.

Mukherjee also told the MPs that the minimum support price for foodgrains was doubled under the UPA as compared to that under the NDA.

Congress president Sonia Gandhi is expected to explain the party's position on the issue of rollback when she addresses a meeting of the Congress Parliamentary Party tomorrow.

Comments

 

Other News

Here’s an I.D.E.A. for career growth and success

Success in today’s professional organisation is no longer solely determined by academic qualifications, technical expertise or years of experience. While these attributes do matter, organisations increasingly value individuals who demonstrate the right mindset and behavioural qualities. The ability

PM interacts with CEOs, founders of space startups

Prime minister Narendra Modi interacted with CEOs and Founders of 20 Space Startups at Seva Teerth on Friday.   CEOs of leading companies in the space sector working in diverse fields ranging from building rockets and reusable semi-cryogenic launch vehicles, avionics, satelli

From one cow to a dairy business

In 2012, Anita Dash wasn`t dreaming of building a dairy brand. She wasn`t studying business models or planning market expansion. Like countless mothers across India, her focus was on something much simpler: giving her children a better future.   At the time, her most valuable

Ethanol blending: The two sides of a story

India`s crude oil consumption is estimated to be around 88.5% imported from abroad. This one single figure is also responsible for why ethanol has become both an economic strategy and fuel policy at the same time. In an economy like India, which depends so heavily on foreign oil, any increase in internat

Food inflation: Not a macroeconomic statistic but a developmental indicator

India`s retail inflation shows a reassuring picture at first glance. According to the latest data, Consumer Price Index (CPI) inflation edged up to 4.38% in June 2026 from 3.93% in May 2026, but continued to remain within the Reserve Bank of India`s (RBI) target band of 4% (+/- 2%). However, beneath this

Skin in the game or masterful market timing?

When a company founder opens their personal chequebook to buy shares in their own business, stock markets usually applaud. To the average retail investor, it feels like the ultimate vote of confidence, a sign that the people running the show have real skin in the game and believe brighter days are ahead.

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter