Amid rising prices and inflation concerns, the Center on Saturday announced several economic relief measures, including reduction of excise duty on petrol and diesel, subsidy on gas cylinders, etc. to ease the life of the common man.
Announcing today, Finance Minister Nirmala Sitharaman Said, since the Prime Minister Narendra Modi Has taken power, the government is dedicated for the welfare of the poor. “We have taken several steps to help the poor and middle class. As a result, the average inflation during our tenure has been lower than that of previous governments.”
We have taken many steps to help the poor and middle class. As a result, the average inflation during our tenure has been lower than that of previous governments, FM Sitharaman said, adding, “Even during the pandemic, our government set a paradigm of welfare, especially with the PM Garib Kalyan Anna Yojana. It has now been accepted and appreciated across the world.”
Despite the challenging international situation, we have ensured that there is no shortage/shortage of essential commodities. He also said that even some developed countries could not escape from some constraints/barriers.
Here’s what was announced today:
- Government announces reduction of central excise duty on petrol 8 per liter and on diesel 6 per litre. This will reduce the price of petrol 9.5 per liter and of diesel 7 per litre.
- “I would like to encourage all state governments, especially those states where cuts were not made during the last round (November 2021), to implement similar cuts and provide relief to the common man,” the FM said. Also said.
- This year the government will give subsidy 200 per gas cylinder (up to 12 cylinders) to more than 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. “This will help our mothers and sisters. This will have a revenue implication of approx. 6100 crore annually.”
- Custom duty on raw materials and middlemen will also be reduced for plastic products, where dependence on imports is high. This will reduce the cost of the final products.
- Similarly, we are reducing customs duty on raw materials and middlemen iron Steel to reduce their prices. Import duty on some steel raw materials will be reduced. Export duty will be levied on some steel products, the FM also announced.