The common man is very upset due to the rising prices of petrol-diesel. In such a situation, if you come to know that soon there may be less petrol and diesel, then you will be happy knowing this. In fact, according to Goldman Sachs Group Inc., if global oil prices rise further, India may need to cut fuel tax further to reduce inflationary pressures, a move that will slightly reduce the revenue collection of the country.
Shantanu Sengupta, the senior Indian economist at Goldman Sachs, said in an interview with Bloomberg television that if there is a high crude oil price, it is directly reflected in the price of petrol and diesel at the petrol pump. If oil reaches $105 a barrel by the end of the year, then the Indian government will cut excise duty. Brent crude is hovering around $90 a barrel amid tensions between Russia and Ukraine. A group of Wall Street banks, including Goldman, have predicted oil will hit $100 a barrel this year, with global markets firming up.
India reduced tax on retail fuel in November to give relief to consumers from record prices of petrol and diesel. Sengupta said further tax reduction may lead to a slight reduction in excise duty revenue in the next fiscal, which begins on April 1, but overall a strong recovery in government revenue is expected. On the inflation front, oil prices would be hurt, he added. He said he expects the Reserve Bank of India to hike policy rates by a total of 75 basis points thrice this calendar year.
Rajpal Yadav is on interim bail in a ₹9 crore loan case. In a recent interview, the actor urged
There is no hope of respite from the severe cold in the states of North India including Delhi NCR
Hard work and determination are two things that have no substitute. By following this, any destin
Pakistan is behind the Khalistanis in Canada and Indians are the target, a new conspiracy revealed
Khalistani supporters (PKE) in Canada are continuously targeting the people of the Indian communi
World champion Indian team will play the third T20 on Tuesday to maintain its dominance over Engl
In the last 10 years, there has been an unexpected demographic change in the districts bordering
Authorities in China's eastern province of Zhejiang have ordered ships to return to port. It has
The Supreme Court on Thursday refused to hear the petition immediately, which challenged the noti
The divine and grand Maha Kumbh Mela has begun in the Sangam city of UP. The Maha Kumbh, which wi
In the biting cold, five-year-old 'Child Ram' continued giving darshan to the devotees for 18 hou
