Crude oil price continues to fall: a counter for the budget deficit!
Posted on: 14/Nov/2014 5:11:19 PM
Eminent Economist, Mr. Arvind Virmani expressed that the continuing trend of falling prices of crude oil in the international market can help the country to get over the current financial deficit.
He expressed hopes that the shortfall can be reduced to 4,1% in the current fiscal year.
At the same time, it would be prudent for the government to reduce the quantum of subsidies.
Meanwhile, exploiting the prevailing falling crude oil prices, the central government has increased the production tax for petrol and diesel by Rs. 1,50 per litre.
This will increase the revenue by Rs. 13000 Crores.
This measure is seen as a step by the central government to counter the financial shortfall.
