The Central Government has given financial support of approximately 1.23 lakh crores rupees to the Oil Marketing companies (OMC) to support the consumer from the burden of rising crude oil price. According to the Government Sources, the financial support has been provided to OMCs is for the initial 78 days of the West Asia conflict. This financial support includes the excise duty cut.
The Sources said that the Gold imports have seen a reduction. It added that the reduction is a result of higher import duty on Gold and Prime Minister’s appeal to the nation for not buying gold for at least one year. The sources further added that the growth of the economy is not under stress and high frequency indicates that the domestic economy is supporting the country.
Sources added that the prices of the fertilizers in the international market has significantly increased but the government is providing fertilizers to the Farmers at highly subsidized rates.
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