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After govt was cornered by the Opposition over the latest excise duty hike, flaying the FM for not passing on the benefit of a fall in oil prices to consumers, FM Arun Jaitley rushed to explain. Congress said, “It has caused anguish to all of us that there is a 7th hike in central excise duty on petrol and diesel… When this government came crude oil price (in the international market) was around $100, while it fell to $35 on Tuesday. In the last financial year, the saving on oil import was $88 billion. You are profiteering and it not transferring the benefit to people." Here is what Arun Jaitley said:
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2. Arun Jaitley said, “Subsidy is given on petrol and diesel, the money for which comes from the tax given by people, and to recover that for fiscal deficit, the money for development work used to be cut.”
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1. Arun Jaitley said: “Benefits were being passed on to the consumer, but the money also needed to be used for development work.”
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3. Arun Jaitley added, “"Fiscal deficit was achieved by cutting amounts like Rs.1,20,000 crore in one given year. Today what has happened, the international price has fallen, the present government has a clear policy, that has been shared in three ways. One part of fall in prices goes to consumer."
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4. Arun Jaitley said, “That so far prices of petrol have been cut 20 times and prices for diesel have gone down 16 times. Several states increased VAT (Value Added Tax) on Petrol as soon as center reduced prices. I am not complaining against any state India has to take utmost advantage of the fall in oil prices."
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4. Govt to bring in more banking reforms soon, says Arun Jaitley: Hinting at major banking sector reforms in the offing, FM Arun Jaitley said the country is not at a stage where the government can completely exit its holding in the 27 public sector banks. "There are a series of banking reforms which I am likely to announce…in the days to come, you may find something on that," said Jaitley, who will present the Union Budget on February 29. At the Make in India Week event in Mumbai, Jaitley said, "I don't think India has reached a state where the state can pull out of banking altogether. The government had last year announced the 'Indradhanush' programme to revamp the state-run banks. It has already put in place steps to professionalise their management. The government is committed to zero interference, and keeping an arms-length from these banks and letting the institutions run professionally.
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