Union Finance Minister Nirmala Sitharaman said on Saturday that the government has protected farmers from the rise in fertilizer prices worldwide and is providing an additional amount of Rs 1.10 lakh crore in addition to Rs 1.05 lakh crore already sanctioned in the Union budget. 2022-23.
The minister, who posted a series of tweets, also announced a cut in central excise duties on petrol and diesel and said the government is committed to ensuring that prices of essential items remain under control.
She said the world is going through difficult times and even as the world recovers from the Covid-19 pandemic, the conflict in Ukraine has led to supply chain problems and shortages of various goods.
“This leads to inflation and economic problems in many countries,” said the minister.
“Despite the challenging international environment, we have ensured that there is no shortage/scarcity of essential goods. Even some developed countries have not been able to escape some shortages/disruptions. We are committed to ensuring that prices of essential goods remain under control she added.
The minister said Narendra Modi’s government is committed to the welfare of the poor.
“We have taken a number of steps to help the poor and the middle class. As a result, average inflation has remained lower during our tenure than during previous governments,” she said.
Nirmala Sitharaman said the Prime Minister has specifically asked all branches of the government to act with sensitivity and provide assistance to the common man.
“In line with @PMOIndia @narendramodi’s commitment to help the poor and common man, today we are announcing more steps to help our people. Even during the pandemic, our government has established a paradigm of well-being, especially with Prime Minister Garib Kalyan Anna Yojana. This is now recognized and appreciated all over the world,” she said.
“Despite rising fertilizer prices worldwide, we have protected our farmers from such price increases. In addition to the fertilizer subsidy of Rs 1.05 lakh crore in the budget, an additional amount of Rs 1.10 lakh crore will be provided to further protect our farmers,” added the minister to it.
Nirmala Sitharaman, who announced subsidy for cylinders under the Ujjwala scheme, urged states to also lower the VAT on petroleum products to ease the common man.
The minister said the Centre’s decision will lower the price of petrol by Rs 9.5 per liter and diesel by Rs 7 per liter.
“We will reduce the central excise tax on petrol by Rs 8 per liter and on diesel by Rs 6 per liter. This will reduce the price of petrol by Rs 9.5 per liter and of diesel by Rs 7 per liter. Implication of about Rs 1 lakh crore/year for the government,” said Nirmala Sitharaman.
“I would urge all state governments, especially those that did not have austerity cuts in the last round (November 2021), to also implement similar austerity measures and relieve the common man,” she added.
Officials said the cut in petrol and diesel prices will take effect from Sunday.
The minister said that the government will give a grant of Rs 200 per gas cylinder (up to 12 cylinders) this year to more than nine crore beneficiaries of Pradhan Mantri Ujjwala Yojana.
“This will help our mothers and sisters. This will have a turnover implication of about Rs 6100 crore per year,” she said.
The minister said the government is also cutting customs duties on raw materials and intermediaries for plastic products, where the country’s import dependency is high. “This will result in a reduction in the cost of finished products.”
“In the same way, we are calibrating customs duties on raw materials and iron and steel intermediaries to lower their prices. Import duties on some steel raw materials will be reduced. Export duties on some steel products will be levied,” she added.
Nirmala Sitharaman said measures are being taken to improve cement availability and improve logistics to reduce cement costs.
According to government data released earlier this week, India’s wholesale inflation rose from 14.55 percent in April to 15.08 percent in April, reflecting sharp increases in fuel, metal, food and non-food items and chemicals. †