Business Daily from THE HINDU group of publications
Sunday, Jul 05, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Sunday, Jul 05, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Petroleum Do away with subsidies on petroleum products 
A bold decision to dismantle the regulated price mechanism for petroleum products is required to be taken in the coming Budget. With the increasing level of fiscal deficit, any further continuance of regulated regime will only worsen the already alarming position. With the move, the Government can save at least Rs 50,000 crore a year. The same money can be used as corpus for investing into various viable employment generation schemes under public-private arrange- ments, especially in education, healthcare and sanitation etc in rural areas. This will not only help in upliftment of rural folks but also curb indirect funding of petrol consumption by the affluent people. With the market regulated price mechanism in place, the other leading private sector companies may come in the retail business of petroleum products, which is now dominated by the public sector oil companies. Opening up of the market will compel these companies to improve their productivity and services. Today, when everybody is expressing concern over the vehicular pollution and its adverse effect on the climate, subsidy on petroleum products is an irony by any measure. The need of the hour is to stop the subsidy and instead improve the delivery mechanism at the retail outlet which is infested with malafide practices. Alok Sharan, Deputy Manager (Marketing), State Bank of Hyderabad, New Delhi More Stories on : Petroleum | Budget
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