SME Times is powered by   
Search News
Just in:   • Garment exports fall 7.3 percent in first half of current fiscal year  • UAE 'firmly' on path to recovery, inflation to be at 3 pc  • Stalled climate talks top US-EU meeting this week  • Another stimulus package for exporters?  • China voices concern over India's visa policy 
Last updated: 18 Sep, 2009  

Venu Srinivasan THMB Petrol, diesel price hike on expected lines: CII

Petrol.9.jpg
SME Times News Bureau
Commenting on the decision of the Government to hike Petrol and Diesel prices by Rs 4 and Rs 2 respectively, the CII President, Venu Srinivasan said that the Government decision was on expected lines.

Srinivasan viewed that as the WPI inflation is one of the lowest in a long time and the international crude prices have breached the USD 70/ barrel mark, the current decision has to be seen in the overall interest of the fiscal situation of the country as well as the reforms in pricing and taxing of petroleum in the country.

Srinivasan said that today's decision would help reduce the Government's "off balance sheet" deficit which is usually met by issuing Oil Bonds.

Commenting further on the reforms required in the sector, the CII President said that eventually the Government should gradually move towards implementation of the recommendations of the Rangarajan Committee on pricing and taxation of Petroleum products.

Earlier on Wednesday, Assocham and FICCI also welcomed increase in prices of petrol and diesel stating the decision will help better management of government finances and improve the balance sheets of oil marketing firms. 
 
Print the Page Add to Favorite
 

Share your opinion about this story

  Top Stories
» Garment exports fall 7.3 percent in first half of current fiscal year
» Jute council eyes African, East European markets
» Sensex plunges 491 pts; realty, metals stocks hit
» Sea food exports drop by 4 percent
» India buys 200 tonnes of gold from IMF
 
Commented Stories
» MSME Ministry proposes new scheme(2)
» Inside advice on small firms' big hiring problems(2)
» The Silk Road - A journey through history(1)
» PMEGP to assist entrepreneurs financially: Dinesh Rai(1)
» SME task force - moving in the right direction(1)
  Customs Exchange Rates
Currency Import Export
US Dollar
47.30
46.40
UK Pound
77.50
75.55
Euro
70.65
68.90
Japanese Yen 51.60 50.15
As on 04 Nov, 2009
  Daily Poll
Do you agree that the recent industrial production figure indicates that India's economy is recovering?
 Yes
 No
 Can't say
 
 
 
 
About Us  |  Contact Us  |  Feedback |  Success Stories |  Tradeindia in News  |  Get Listed | 
Sitemap  |  Terms of Use |  Useful Links |  Trade Bodies