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Arun Jaitley press briefing LATEST updates: Till now, eight states have reduced fuel prices. But the Congress has said that the move is like a ‘band aid on a deep wound’. Assam, Jharkhand and Chhattisgarh have also reduced fuel prices by Rs 2.50 per litre. P Chidambaram called the cut in fuel prices ‘belated’ action taken by the government. The Maharashtra government announced reduction in prices of petrol and diesel by Rs 2.50 per litre, which will give consumers in the state a relief to the tune of Rs 5 a litre. The announcement was made by Chief Minister Devendra Fadnavis soon after the central government announced cut in the prices of petrol and diesel by Rs 2.50 per litre. Finance Minister Arun Jaitley announced a cut of Rs 2.50 in fuel prices in a press briefing held on Wednesday. Announcing the price cut on Thursday, Jaitley said that the cut in Rs 2.50 in fuel prices, include a Rs 1.50 reduction in excise duty while OMCs will have to bear the cut of Re 1. The press briefing had taken place after a last-minute meeting with oil minister Dharmendra Pradhan last evening. [caption id=“attachment_5191911” align=“alignleft” width=“380”] File image of finance minister Arun Jaitley. Reuters.[/caption] Jaitley had met Pradhan to look at options to mitigate the impact of rising fuel prices on the economy, sources aware of the discussion said. The two ministers met last evening amid concerns of high fuel prices adding to farmers’ distress, particularly in the upcoming Rabi crops season, sources said. Diesel, which is being sold at record high prices, is the most used fuel in the farm sector. Tractors tilling the soil to irrigation pump sets - all use diesel, and a spike in its prices is bound to add to the cost cost of farming. The two ministers are believed to have discussed options to mitigate the impact of rising international oil prices and rupee dipping to new lows. Among other topics, the increase in gross tax collections of the first half of the financial year, which were released earlier today, is likely to be a key focus of the the finance minister briefing. According to the ministry, provisional figures of direct tax collections up to September, 2018 (Half-yearly figures) show that gross collections are at Rs 5.47 lakh crore, which is 16.7 percent higher than the gross collections for the corresponding period of last year.
Direct Tax Collections for the Financial Year 2018-19 up to September, 2018 (Half-yearly figures) show that gross collections are at Rs. 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year.
— Ministry of Finance (@FinMinIndia) October 4, 2018
The briefing has also come on the day when the finance ministry reported increase in the credit growth figures for the first quarter of the current financial year 2018-19 as well as a 16.7 percent growth in gross tax collections, which were released earlier today. According to the ministry, the Indian banking industry witnessed a credit growth of 13.5 percent with 12.5 percent increase in growth in lending to the agriculture sector and a 10.5 percent increase in growth in lending to MSMEs.
There is considerable increase in overall Credit Growth in Q1 of the Current Financial Year 2018-19 including in Agriculture and MSME Sector : pic.twitter.com/iZ9RVzIMPd
— Ministry of Finance (@FinMinIndia) October 4, 2018
With the newly constituted IL&FS board meeting being held today for the first time to thrash out a turnaround plan, the minister is likely to Face questions on that as well. The government had seized control of the debt-trapped company Monday in a Satyam Computer style takeover and superseded its board and appointed a new one led by banker Uday Kotak. An official at the finance ministry had told PTI that the the priority for the board will be to assess the company’s financial situation and report the same to the government over the next 15 days. The government has also ordered an investigation by the Serious Fraud Investigation Office into the affairs of group and its over 160 subsidiaries, the source added. The official further said the board will look into long-term debts of the company and find out options to restructure the same. “There is a need to take a look at the short-term and long-term debt of IL&FS and the viability of servicing them. The board will take a holistic view and offer a viable resolution plan,” the official said. One of the focus areas for the board will be to find ways to raise cash by selling assets, said another source. Even lenders to the debt-laden company are awaiting the outcome of the board meeting to take a decision on providing further funds to the company. The city-headquartered engineering and long-term infra lending conglomerate owes over Rs 91,000 crore to lenders but has been on a defaulting spree since 27 August. With inputs from PTI
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