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Economic Affairs Secretary Shaktikanta Das on Wednesday said that the government is keeping a close watch on oil prices and said “it is under control. I don’t see a cause of alarm.”
Based on global cues, Indian Oil Corp. had on Tuesday night raised petrol prices by ₹ 2.58 a litre and diesel by ₹ 2.26 per litre.
While declining to respond to question on whether the government will review the excise duty on fuel due to rising global prices, he said, “All collections from the excise duty on fuel is being used for rural infrastructure, road and railway sector.”
Communication and Information Technology Minister Ravi Shankar Prasad said this has had a multiplier effect on the economy. “Sometimes oil companies are unable to lower prices as they have to adjust for when they withheld a price hike even when global crude oil prices were raised,” he said.
Das also expressed hope that the economy will grow at 8 per cent this fiscal.
“The reform and policy initiatives of the government are beginning to see results. With the projection of a good monsoon, we will be able to reach 8 per cent growth in 2016-17,” he said.
Terming the macro-economic data ---fiscal deficit at 3.9 per cent and GDP at 7.6 per cent in 2015-16 as “robust”, he expressed hope that reforms in ease of doing business and liberalisation of foreign direct investment regime will help in pick up of investments.
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