Fuel Excise Cut: Govt may cut revenue spend, borrow more to keep fiscal math, report says
Updated: 23 May 2022, 09:16 AM IST
TL;DR.
- To tame inflation, the Finance Minister of India on May 21 announced the cut on excise duty on petrol and diesel by ₹8 and ₹6 per liter, respectively.
In April the government announced a fertilizer subsidy hike and now this reduction of duties on petrol, diesel and imported inputs to make steel and petrochemicals will mean the gross market borrowing of ₹14.3 trillion budgeted for FY23 won’t be enough for the year. (ANI Photo)