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Finance Minister Nirmala Sitharaman has said that the Modi government has spent around ₹91-lakh crore as developmental expenditure since 2014 till date. She was responding to former finance minister P Chidambaram’s comment about the very high collection of fuel tax but less spending on the people.
Earlier, Chidambaram had alleged that in the eight years of the Modi government, the Centre collected ₹26.5-lakh crore as fuel taxes.
Sitharaman said that the expenditure incurred by the Modi government includes ₹24.85-lakh crore spent so far on food, fuel and fertiliser subsidies, and ₹26.3-lakh crore on capital creation.
Heated exchange amid rising fuel prices
These tweets have been exchanged at a time when a record 137-day hiatus in petrol and diesel price revision ended on March 22. On the same day, the price of a 14.2-kg LPG cylinder was increased to ₹949.50 in the national capital. In some places, the LPG price has touched ₹1,000. Since March 22, petrol and diesel prices have been raised by ₹10 each.
Meanwhile, CNG prices have risen by ₹13.1 per kg in the last month. Since, retail prices of petrol and diesel have a maximum share of tax and duties not just from the Centre but also from the States, Oppositions are asking the government to lower the tax.
However, there is no response from any of the governments as of now. The Centre did cut central excise duty on November 4 and then many States too cut sales tax.
Oil Bonds
(₹ crore)
| Opening Balance | Issue | Discharge | Closing Balance | Interest Paid | |
|---|---|---|---|---|---|
| Till 2021-22 | 1,70,518.65 | 49,595.48 | 1,20,923.17 | 1,48,898.94 | |
| 2022-23 | 1,20,923.17 | 0.00 | 0.00 | 1,20,923.17 | 9,195.96 |
| 2023-24 | 1,20,923.17 | 0.00 | 31,150.00 | 89,773.17 | 9,195.96 |
| 2024-25 | 89,773.17 | 0.00 | 52,860.17 | 36,913.00 | 6,226.99 |
| 2025.26 | 36,913.00 | 0.00 | 36,913.00 | 0.00 | 2,731.56 |
| Grand Total | 1,70,518.65 | 1,70,518.65 | 1,76,249.41 |
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