New Delhi: Niti Aayog vice chairman Rajiv Kumar said on Wednesday excise duty cuts by the government will spur demand, economic activity and employment.
The government on Tuesday cut excise duty on petrol and diesel by Rs 2 per litre each to moderate the relentless rise in fuel prices witnessed for the last three months.
"Excise duty cuts by the government are most welcome. Will spur demand, economic activity and employment," Kumar said in a tweet.
Excise duty cuts by the government are most welcome. Will spur demand, economic activity and employment. @NITIAayog
— Rajiv Kumar 🇮🇳 (@RajivKumar1) October 4, 2017
The excise duty cut would cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on 31 March, 2018, an official statement had said.
The government, which had between November 2014 and January 2016m raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices, has been criticised for not cutting excise duty despite a sustained rise in fuel prices since early July.
Updated Date: Oct 05, 2017 09:34 AM