1. Budget 2017: Look forward to a reduced cess of 8% for oil & gas sector, says Sudhir Mathur, Cairn India

Budget 2017: Look forward to a reduced cess of 8% for oil & gas sector, says Sudhir Mathur, Cairn India

Sudhir Mathur, Acting CEO, Cairn India LimitedSudhir Mathur, Acting CEO, Cairn India Limited on Wednesday said that he looks forward to a reduced cess of 8% from the existing 20% in the upcoming Budget 2017.

By: | Published: January 25, 2017 4:14 PM
"It is imperative to boost investments in the oil & gas sector. Globally, given the low oil price scenario, governments have provided incentives to stimulate and attract investments," he added. “It is imperative to boost investments in the oil & gas sector. Globally, given the low oil price scenario, governments have provided incentives to stimulate and attract investments,” he added.

Sudhir Mathur, Acting CEO, Cairn India LimitedSudhir Mathur, Acting CEO, Cairn India Limited on Wednesday said that he looks forward to a reduced cess of 8% from the existing 20% in the upcoming Budget 2017, as this will help increase domestic crude production and encourage further investment in the sector, that is critical for India. “It is imperative to boost investments in the oil & gas sector. Globally, given the low oil price scenario, governments have provided incentives to stimulate and attract investments,” he added.

Narendra Modi government will be presenting Budget 2017 on February 1. Yesterday, Supreme Court dismissed the plea to change the Budget date from February 1. The Budget is special not only for the fact that it has been preponed but more importantly because it comes within months after Modi government’s massive demonestisation drive. Most analysts and economists expect Budget 2017 to be tax-payer friendly, especially given the pain that common man has faced after old Rs 500 and Rs 1000 notes ceased to be legal tender money.

Meanwhile, the Cabinet Committee on Parliamentary Affairs (CCPA) recommended holding of the Budget Session from January 31. The first part of the Budget Session will run till February 9. The 92-year-old practice of presenting a separate Rail Budget is going to end from this fiscal, with the Finance Ministry accepting Railway Minister Suresh Prabhu’s proposal to merge it with the General Budget.

Finance Minister Arun Jaitley has indicated that railway travel may become pricier for passengers come the next financial year.

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