Sunday, May 22, 2011

Inflation will continue in the country says FM Pranab Mukherjee

Pranab Mukherjee

Finance minister with keeping inflation in control - to keep pace with the growth rate is also under pressure.
Indian Finance Minister Pranab Mukherjee said that India would continue the round of inflation.
Pranab Mukherjee said the global market need for higher level things are Kazimtean which will impact on the Indian economy.
Speaking to reporters at a function in Mumbai, the Finance Minister said, "we were told that the pressure on international market prices remain low because some grain yields in the market is its lack."
Finance Minister Manmohan Singh's statement Sanyuchh UPA government's completion of two years came just a day before.
With corruption - with inflation, particularly food - drink prices of commodities touch the sky has had condemned the government.

Interest rate 

To control inflation the Reserve Bank raise interest rates as many steps as monetary measures, but they still see a lot more impact has not.
March 2010 in the country so far has been increasing interest rates nine times.
TCA Anant said the country's chief statistical officer that if the monsoon is fine if the rate of price rise will be less than eight percent.
Global market environment of uncertainty are, particularly in the case of such products with whom we depend on imports, its impact is natural to fall.
Pranab Mukherjee, the Indian finance minister
Arirza Bank said that by year-end it will be around six percent.
But the most impact on inflation in recent years, food - things to drink is because of increased prices.
According to data derived food be supplied on an annual basis - in the last few years prices of goods Pene double-digit growth has been. However, according to recent data on these was 7.47 percent.
In a statement made Saturday by the finance minister said the food shortages in the international market, which means they eat is clear - to increase the prices of things to drink.

"Back on petrol hike ' 

Pranab Mukherjee said, "is an atmosphere of uncertainty in the global market, especially in the case of such products with whom we depend on imports, its impact is bound to fall."
Inflation over the opposition parties and labor unions are protests.
However he said a few days ago would have increased gasoline Kazimtean back.
"It raises a question as the government already Rs 16 per liter on diesel, kerosene and cooking gas at Rs 26 to Rs 320 subsidy is borne.
Pranab Mukherjee has said Zanevali subsidies on petroleum products due to a one trillion rupees last year, the government had the financial burden.
Indian finance minister admitted that increased inflation will have on the country's economic Tarkkzie.

India's annual financial budget Pranab Mukherjee was the target of nine percent.

Taxes on petrol, diesel in India more than in US, Canada, Pak

New Delhi, Mar 6 (PTI)  
Taxes and duties on petrol and diesel in India are 
higher than developed countries like US and 
Japan and even neighbours like Pakistan, 
the Rajya Sabha was informed today.

After the excise duty cut announced in the Budget, 

52 per cent of petrol price is made up of 
duties and taxes (customs, excise and sales tax) 
while 31 per cent of diesel price is made up of taxes,
Minister of State for Petroleum and Natural Gas Dinsha 
Patel said in a written reply.

Petrol price in 

Japan is made up of 45 per cent duties and taxes,

while that in Canada is 34 per cent.

The US has only 18 per cent,

Pakistan 39 per cent and
Thailand 36 per cent duties in the price.

Diesel price in, 

Japan has 33 per cent levies in the price,

Canada 24 per cent,

USA 18 per cent,

Pakistan 20 per cent and
Thailand 24 per cent, he said.

Petrol price of Rs 42.85 a litre in India is higher than Rs 39.38 per litre price in 
Sri Lanka, Rs 39.01 in Pakistan, Rs 35.80 in Bangladesh, Rs 42.02 in Nepal, 
Rs 32.56 in Philippines, Rs 30.57 in Thailand, Rs 33 in 
Canada and Rs 26.34 in USA,

Minister of State for Petroleum and Natural Gas Dinsha Patel 
said in a written reply.

He said. However, South Korea charges Rs 65.99 a 
litre for petrol and Japan Rs 48.80.

Similarly, the diesel price of Rs 30.25 a litre in India was higher than Rs 24.36 
per litre in Sri Lanka, Rs 27.39 in Pakistan, Rs 21.10 in Bangladesh, 
Rs 28.92 in Philippines, Rs 28.29 in Thailand and Rs 29.16 in USA.

However, the price of diesel at Rs 41.47 in Japan, Rs 36.22 in Canada 
and Rs 33.31 a litre in Nepal was higher than the price of the fuel in India.

The Economic Times has an interesting table which gives a comparison
of the major countries of the world.The table does not reflect prices 
all over India as the price in Delhi has 
been taken to represent India, but the state of Delhi has the 
lowest taxes on petrol and diesel in the whole country! But even if we 
take Delhi’s price, the total is not a dollar as the dollar has 
fallen in relation to the rupee…so the price of petrol even in 
Delhi would be over a dollar even in Delhi.
From Outlook India I got this additional information:
[article published March 2008]


Pakistan – 39 percent tax for petrol and 20 percent for diesel

Thailand – 36 percent tax for petrol and 24 per cent for diesel
Petrol and Diesel Prices in rupees
Sri Lanka – Rs 39.38 per litre price in and Rs 24.36 per litre for diesel
Pakistan – Rs 39.01 for petrol and Rs 27.39 for diesel
Bangladesh – Rs 35.80 for petrol and Rs 21.10 for diesel
Nepal – Rs 42.02 for petrol and Rs 33.31 for diesel
Philippines – Rs 32.56 for petrol and Rs 28.92 for diesel
Thailand – Rs 30.57 for petrol and Rs 28.29 for diesel
Canada – Rs 33 for petrol and Rs 36.22 for diesel
USA – Rs 26.34 for petrol and Rs 29.16 for diesel
South Korea – Rs 65.99 for petrol
Japan Rs 48.80 for petrol and Rs 41.47 for diesel.
I found a unique page on the internet set up by someone called Kshitij 
where he has compiled prices of petrol across cities and also 
details of prices across the world. These are just a few that I 
picked to share here:
Petrol prices in rupees per litre
  • Hyderbad [April 2008] – Rs 55/-
  • Bangalore [May 2007] – 52/-
  • Pune [Feb 08] – 51.46
  • Mumbai [March 08] – Rs 56
  • Kolkata [May 06] – 56.86
  • Coimbatore [May 06] – 47.47
  • Chennai [Dec 07] – 49.15
  • Delhi [Jan 08] – 44.50
[Update:] From Vishesh’s comment I got to know that the price of 
petrol in Chennai is Rs 55/- per liter today and in his comment Xylene 
has mentioned that the price in Bangalore today is Rs 58.47!! Xylene 
has also written about the BJP is protesting the price hike in petrol and 
diesel in 
Kerala but not in Karnataka…a case of double standards!
It is said that in India we pay such high taxes on petrol because barely 3 
percent of our population pays income tax (agricultural income is 
free from income tax and others are too poor to pay) and therefore the
 higher duties and taxes.
However, it doesn’t seem fair that prices are rising again 
(petrol price by Rs 5/- a liter and diesel by Rs 3/-). 
The taxes are pinching us badly enough already…and this brings up 
the unpleasant question…where exactly is our money going? 

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