Soaring fuel prices a vexatious issue, govts should talk: FM
NEW DELHI: Union finance minister Nirmala Sitharaman on Saturday called the rising fuel price a “vexatious” issue and said there is “no answer except for fall in fuel price will convince anyone”. She also called for Centre and state governments to have a “talk and bring down the retail fuel price at a reasonable level for consumers.”
The prices of petrol and diesel have been rising in India over the last 10 days; in some cities, petrol has already crossed the ₹100-mark per litre. On Saturday, Petrol prices again rose by 39 paise taking the rate past ₹90 per litre in national capital Delhi. Diesel, meanwhile, was selling at ₹80.97 per litre after a hike of 37 paise.
In Mumbai, the petrol price reached an all-time high of ₹97 a litre, while diesel was selling at ₹88.06 per litre.
Prime Minister Narendra Modi has targeted the previous government over the fuel price hike and credited the country’s dependence on energy imports as a major reason behind the current spike. “Can a diverse and talented nation like ours be so energy import-dependent?” PM Modi had said while questioning the previous governments at an event in Tamil Nadu earlier.
Meanwhile, Congress workers observed a state-wide half-day ‘bandh’ against the fuel price hike in Madhya Pradesh. “People are in distress due to skyrocketing prices of diesel and petrol. The government is busy collecting revenue and it is least bothered about giving relief to the public,” said the state’s former chief minister Kamal Nath earlier in the day.
Shiv Sena Rajya Sabha MP Sanjay Raut also hit out at the Centre over the rising fuel price and asked “Where is the money going?”
“Where is the money going? Is it going to West Bengal? This is wrong, If it is so,” news agency ANI had quoted Raut as saying
Meanwhile, Sitharaman exhorted the private sector to take advantage of corporate tax rate cut and other initiatives of the government, and unleash ‘animal spirits’ by enhancing investments to make India one of the fastest growing economies of the world.
The government has been waiting for the expansion by the private sector, she said while reminding India Inc of various measures including corporate tax rate cut, policy consistency, ease of doing business, among others to facilitate investment.
“We need capacities to be ramped up, we need expansion, we need more production of many such items which are required for the economy. I would invite business leaders...post the corporate tax rate reduction I’ve been waiting to see expansion happening,” she said, addressing industry leaders at an All India Management Association virtual event.