Finance Nirmala Sitharaman made the announcements on Twitter today
Finance Minister Nirmala Sitharaman made several announcements today, including a sharp cut in central excise duty on fuel prices. The announcements come as retail inflation surged to an eight-year high in April, driven by rising fuel and food prices
Here are the 5 top announcements made by Nirmala Sitharaman today:
Excise duty cut by Rs 8 per litre on petrol, by Rs 6 per litre on diesel. This will reduce the price of petrol by ₹ 9.5 per litre and of diesel by ₹ 7 per litre after taking into account its impact on other levies.
A fertiliser subsidy of Rs 1.10 lakh crore, which will be in addition to the Rs 1.05 lakh crore in this year's budget.
A subsidy of Rs 200 per gas cylinder to over 9 crore beneficiaries of Pradhan Mantri Ujjwala Yojana. A 14.2-kg LPG cylinder costs Rs 1,003 in Delhi. Pradhan Mantri Ujjwala Yojana beneficiaries will get Rs 200 subsidy directly in their bank accounts and the effective price for them would be Rs 803 per 14.2-kg cylinder.
Reduction on the customs duty on raw materials and intermediaries for plastic products where India's import dependence is high.
Import duty on some raw materials of steel will be reduced. Export duty to be levied on some steel products.
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