Need to manage subsidies in targeted manner to contain fiscal deficit: Govt sources
In view of rising pressure on government finances due to the cut in taxes on fuel, the Centre needs to manage subsidies more strictly and in a targeted manner, official sources said. The government had on May 23 cut excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 a litre to cool record high inflation, thereby sacrificing revenue of Rs 1 lakh crore annually. Earlier in April, the Centre approved a subsidy of Rs 60,939.23 crore for phosphatic and potassic (P&K) fertilisers, including DAP,…
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