Rising oil subsidy needs to be addressed: says Indian FM Pranab Mukherjee

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May 8, 202

Replying on the Finance Bill in Parliament Finance Minister Pranab Mukherjee emphasised the need of working together to improve the fiscal situation of the country. Admitting that India will be affected by International situation and crisis, the Finance Minister said, “Government is capable to respond to any challenge.”

May 8, 202

Replying on the Finance Bill in Parliament Finance Minister Pranab Mukherjee emphasised the need of working together to improve the fiscal situation of the country. Admitting that India will be affected by International situation and crisis, the Finance Minister said, “Government is capable to respond to any challenge.”

He said that coalition consensus is necessary for reforms. Mukherjee also emphasised that all stake holders should come together for development. Oil Companies are losing crores of rupees every day due to heavy burden of subsidy and there is a need to address the rising oil subsidy, FM said. He added although wide current account gap is a matter of concern but it is manageable. Capping subsidies at 2% of GDP is not a pipedream, he said. The FM also stressed that strong steps needed to correct fiscal, current account gaps.


Courtesy: econimictimes

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