Finance Minister Nirmala Sitharaman on Saturday introduced a lot of measures to deal with inflation within the nation. Sitharaman tweeted, “Today, the world is passing through difficult times. Even as the world is recovering from Covid-19 pandemic, the Ukraine conflict has brought in supply chain problems and shortages of various goods. This is resulting in inflation & economic distress in a lot of countries.”
2/12 Today, the world is passing via troublesome instances. Even because the world is recovering from Covid-19 pandemic, the Ukraine battle has introduced in provide chain issues and shortages of assorted items. This is leading to inflation & financial misery in plenty of international locations.
— Nirmala Sitharaman (@nsitharaman) May 21, 2022
A couple of key bulletins had been:
The authorities has lowered the excise responsibility on petrol by Rs 8 per liter and diesel by Rs 6 per litre. This will scale back the worth of petrol by Rs 9.5 per liter and diesel by Rs 7 per litre.
In addition to the fertilizer subsidy of over Rs 1 lakh crore, the federal government will present Rs 1.1 lakh crore to farmers.
The Center will give a subsidy of Rs 200 on fuel cylinders as much as 12 cylinders to 9 crore beneficiaries. Sitharaman stated it can have a income implication of greater than Rs 6000 crore in a yr.
The customs responsibility on uncooked supplies and intermediaries for plastic merchandise might be lowered and the customs responsibility on uncooked supplies and intermediaries for iron and metal might be adjusted to scale back their costs.
Import responsibility on some metal uncooked supplies of metal might be lowered and export of some metal uncooked supplies might be elevated.
Sitharaman additionally stated that measures had been being taken to make cement extra accessible and the price of cement might be lowered.
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With inputs from TheIndianEXPRESS
