India

To curb inflation fuel, gas cylinders, plastic, steel prices changed

To curb inflation fuel, gas cylinders, plastic, steel prices changed

Kanwar Inder Singh/ royalpatiala.in

The Centre on Saturday finally slashed excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively. This will reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre.

Finance minister Nirmala Sitharaman tweeted “Our government, since when @PMOIndia @narendramodi took office, is devoted to the welfare of the poor.We’ve taken a number of steps to help the poor and middle class. As a result, the average inflation during our tenure has remained lower than during previous governments.

Today, the world is passing through difficult times. Even as the world is recovering from Covid-19 pandemic, the Ukraine conflict has brought in supply chain problems and shortages of various goods. This is resulting in inflation & economic distress in a lot of countries.

Even during the pandemic, our government set a paradigm of welfare, especially with PM Garib Kalyan Anna Yojana. This is now acknowledged and appreciated the world over. #PMGKAY

Despite the challenging international situation,we’ve ensured that there are no shortages/scarcity of essential goods. Even a few developed countries couldn’t escape some shortages/disruptions. We are committed to ensure that prices of essential items are kept under control.

Despite rising fertilizer prices globally, we have protected our farmers from such price hikes. In addition to the fertilizer subsidy of ₹ 1.05 lakh crore in the budget, an additional amount of ₹ 1.10 lakh crore is being provided to further cushion our farmers.

@PMOIndia has specifically asked all arms of the government to work with sensitivity and give relief to the common man. Keeping in line with  @PMOIndia @narendramodi‘s commitment to help the poor & common man, TODAY, we are announcing more steps to help our people.

To curb inflation fuel, gas cylinders, plastic, steel prices changed-Photo courtesy-Internet
Price change

We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. This will reduce the price of petrol by ₹ 9.5 per litre and of Diesel by ₹ 7 per litre. It will have revenue implication of around ₹ 1 lakh crore/year for the government.

I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man.

We are also reducing the customs duty on raw materials & intermediaries for plastic products where our import dependence is high. This will result in reduction of cost of final products.  #MSME #chemicals #Plastic #Customs

Similarly we are calibrating customs duty on raw materials & intermediaries for iron & steel to reduce their prices.

Import duty on some raw materials of steel will be reduced.

Export duty on some steel products will be levied.

#MSME

#iron #steel #Customs #Export

Measures are being taken up to improve the availability of #Cement and through better logistics to reduce the cost of cement.

To curb inflation fuel, gas cylinders, plastic, steel prices changed. Notifications with specific details on all the above will be issued by GoI within the next hour

May 21,2022

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