Various proposals have been made in the Budget 2015-16 which would lead to greater stability, clarity and continuity in the economy and the petroleum and natural gas sector. Subsidies will continue so that there is no adverse impact on the general public. As stated by the Finance Minister, the Government is committed to the process of rationalizing subsidies and cut leakages, not cut subsidies. Adequate funds have been provided for LPG and kerosene subsidies. Finance Minister appealed to the well off strata, including those concerned for the welfare of the poor, to voluntarily give up subsidy on LPG. In context of rationalization and targeting of LPG subsidy, it was highlighted that under DBTL Rs.6335 crore have been transferred to over 11.5 crore beneficiaries. There is revision in specific rates of excise duty on petrol and diesel only to the extent of subsuming the quantum of education cess levied, keeping the total incidence of excise duty unchanged. Further, the effective rates of additional excise duty levied on petrol and diesel is proposed to be increased from Rs.2 per litre to Rs.6 per litre to fund investment in roads and other infrastructure to the extent of Rs.40,000 crore. In order to ensure energy security in the country, strategic crude oil underground storage reserves of 5.33 MMT are being set up by Indian Strategic Petroleum Reserves Limited (ISPRL) at Visakhapatnam, Padur and Mangalore. An amount of Rs.2,400 crore has been provided under the Plan head in 2014-15 (RE) for filling crude oil in the caverns. An amount of Rs.72589 crore is proposed to be allocated in 2015-16 as Plan capital expenditure by oil and gas Central public sector enterprises from the internal and extra budgetary resources (IEBR) of the companies for projects for exploration and production, refining & marketing, petro chemicals and engineering. It has been proposed to reduce the rate of corporate income tax from 30% at present to 25% in the next 4 years. It is expected that this would lead to higher investment and growth in the sector. In order to boost investment in infrastructure, a National Investment and Infrastructure Fund is being established. The PPP mode of infrastructure development would be revitalized. It is expected that this would invite investment for the petroleum and natural gas sector. |
Read,Write & Revise.Minimum reading & maximum learning
2 March 2015
budget proposals 2015-16 for Petroleum & Natural Gas sector
Subscribe to:
Post Comments (Atom)
Featured post
UKPCS2012 FINAL RESULT SAMVEG IAS DEHRADUN
Heartfelt congratulations to all my dear student .this was outstanding performance .this was possible due to ...
-
Revision of cumulative targets under National Solar Mission from 20,000 MW by 2021-22 to 1,00,000 MWRevision of cumulative targets under National Solar Mission from 20,000 MW by 2021-22 to 1,00,000 MW India surging ahead in the field of...
-
Study on Climate Change “The Intergovernmental Panel on Climate Change (IPCC) constituted by the World Meteorological Organisation, in c...
-
Dear Friends We are providing #solution for #CPF(AC)-2015 EXAM for your benefit.There may be erorr of 3%.So if someone knows better an...
-
First Prime Minister (PM) of Singapore Lee Kuan Yew passed away on 23 March 2015. He was 91. Mr. Lee is described as the ‘founding fathe...
-
President Shri Pranab Mukherjee to inaugurate the International Convention on World Homoeopathy Day on 9th April, 2016 The Central Counc...
-
Deterioration in Indian political discourse Both the selection of issues and the choice of language are deeply worrying Woody Allen once s...
-
It’s the real economy Corrective steps are needed to recover momentum in industrial growth Feel-good news about the economy, the rating ...
-
Eminent modern Bengali poet Shankha Ghosh was chosen for the prestigious Jnanpith Award for the year 2016. He is the 52nd recipient of J...
-
Andhra teen becomes youngest female climber to scale Mount Everest Purna was accompanied by Sadhanapalli Anand Kumar (16), a Class IX stude...
No comments:
Post a Comment