New Delhi: India said it expects to cut the subsidies on phosphate and potash-based fertilisers by about 15 per cent in the fiscal year that began in April in an effort to rein in the fiscal deficit. In the last fiscal year, the government earmarked Rs 305.76 billion to subsidise phosphate and potash-based fertilisers.
Fertilisers are the third-biggest item in the government's total subsidy bill, amounting to over two per cent of the gross domestic product (GDP), after oil and food.
The final subsidy cuts will depend on total consumption in the current fiscal year, the statement said.
India imports both potash and phosphate. Potash Corp, Mosaic Co, Agrium Inc, Uralkali, Arab Potash Co, and ICL Israel Chemicals are among its major suppliers....
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07:58 PM, May 01, 2013
Aiming to bring down the fiscal deficit, Finance Minister P Chidambaram on Thursday sought to reduce major subsidies on fuel, food and fertilisers by 11 per cent to over Rs 2.20 lakh crore in 2013-14 fiscal compared to the revised estimates for the current fiscal. According to the Budget proposals, the government's subsidy bill on food, petroleum and fertilisers is estimated at Rs 2,20,971.50 crore for the 2013-14 fiscal as...
02:42 PM, Feb 28, 2013
New Delhi: The Kelkar Committee on Friday recommended that the government cut subsidies in the three significant F's - food, fuel and fertiliser - in order to narrow down its fiscal deficit. The committee warned that India was on the edge of a 'fiscal precipice' and if measures were not taken soon, it would have a big impact on the Indian economy. The government, however, refused to implement any of...
10:44 AM, Sep 29, 2012
The Kelkar panel on Friday said that India was on the edge of a 'fiscal precipice' and that it should urgently slash fuel, food and fertilizer subsidies to cut its fiscal deficit. A wary government, however, said that certain levels of subsidies were unavoidable. The report goes on to add that the current deficit level of 5.1 per cent could balloon up to 6.1 per cent if nothing is done, ...
08:34 AM, Sep 29, 2012
Mumbaikars welcomed PM Manmohan Singh's speech explaining his recent economic policy decisions. They, however, said that he must speak more often. ...
10:09 AM, Sep 22, 2012
New Delhi: Prime Minister Manmohan Singh, in an address to the nation on Friday evening, sought to explain the recent important policy decisions made by the government to put India's flailing economy back on track. Explaining that India's fiscal deficit was ballooning and its subsidy bill was an astounding Rs 1 lakh 40 thousand crore last year, he said that the figure would have reached 2 lakh crore this year...
09:47 AM, Sep 22, 2012
Los Cabos: As the initial euphoria about Greece elections died down, the economic crisis took centre-stage. Prime Minister Manmohan Singh addressed some critical issues relating to the slowdown in India's economy in his address during the Plenary Session of the seventh Summit of the Group of 20 developed and developing countries. "Like other countries, we too allowed the fiscal deficit to expand after 2008 to impart a stimulus. We are...
07:36 AM, Jun 19, 2012
New Delhi: A worried Finance Minister Pranab Mukherjee on Wednesday said he is losing sleep over the rising subsidy bills, notably on food, fertiliser and petroleum products. "As finance minister when I think of the enormity of the subsidies to be provided, I lose my sleep," Mukherjee said in New Delhi at a conference to discuss reforms in the public distribution system (PDS). Due to a sharp increase in subsidies...
05:31 PM, Feb 08, 2012
