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Petrol, diesel prices slashed, LPG subsidies: 6 big announcements by FM
Nirmala Sitharaman said prime minister Narendra Modi's office had 'specifically asked all arms of the government to work with sensitivity and give relief to the common man'.
Petrol and diesel prices were cut Saturday as union finance minister Nirmala Sitharaman made several big-ticket announcements to help relieve the common man of the burden of inflation and rising prices. Sitharaman said prime minister Narendra Modi's office had 'specifically asked all arms of the government to work with sensitivity and give relief to the common man'. Major concessions included excise duty reductions for petrol, diesel, and LPG cylinder subsidies.
Here are 6 big announcements by Nirmala Sitharmaman:
> Prices of petrol and diesel would be slashed by ₹9.5 per litre and ₹7 per litre after the centre reduces excise duties by ₹8 and ₹6, respectively. This will affect revenue by about ₹1 lakh crore per year, the finance minister said.
READ: Centre cuts petrol, diesel excise duties; prices to drop by ₹9.5 and ₹7
> The centre will provide subsidy on LPG cylinders - ₹200 per cylinder - to around nine crore beneficiaries of the Pradhan Mantri Ujjwala Yojana scheme, subject to a maximum of 12 cylinders per year. This will have a revenue implication of around ₹6,100 crore a year, she said.
READ: Centre announces ₹200 subsidy on LPG cylinders for nine crore people
> In addition to the fertilizer subsidy of ₹1.05 lakh crore in the budget, an additional ₹1.10 lakh crore will be provided to further aid India's farmers.
> The finance minister said the government will reduce customs duty on raw materials and intermediaries for plastic products in some cases and noted ‘this will result in reduction of cost of final products'.
READ: 'Always people first for us': Modi after FM slashes fuel prices
> The government is re-calibrating customs duty on raw materials and intermediaries for the iron and steel industries to help reduce their prices. Import duty on some raw materials needed for manufacture of steel will be reduced and an export duty on some steel products will be levied.
> Measures are being taken up to improve the availability of cement and through better logistics to reduce the cost of cement, Sitharaman said.
