Increase price of petrol will cause more serious inflation.
Rs.120,000 Crores of direct taxes are uncollected. Rs.150,000 Crores of loans taken by the rich Indians are uncollected.
all these would be sufficient to cover the subsidies for the public sector oil companies.
Private sector oil companies should be nationalised and their past profits should be confiscated for the public.
The Government earned a fortune from the OIL Pool when the price of oil was low and from the Customs&Excise duties on oil( which is half of the retail price), but it gave these away to the big corporations as tax concessions.
RE:do the right thing
by Rubin Cherian on Jun 06, 2008 06:45 PM Permalink
And for everyone's sake, pls tell us when the price of oil was 'low' in the past few (say past 5 ) years so that the govt or the OIL firms could ear a Fortune???
RE:do the right thing
by Dipak Bose on Jun 07, 2008 09:10 AM Permalink
Because the domestic price of oil was much higher in India when the international price was much lower. At that time the Govt has earned a fortune to take the difference and also the customs & excise duties on oil, which according to the OIl-POOL criteria should be spend on subsidies when the international price went up. But in India that money was taken away from the OIL-POOL and spend on giving tax reductions for big corporations, Chidambaran's own company is one of them. This is day-light robbery.
