After reduction in excise duty, here's how much petrol, diesel costs in major Indian cities

News Network
May 22, 2022

With skyrocketing prices across commodities, the Centre on Saturday took a slew of measures, including cutting excise duty on petrol and diesel.

While the excise duty on petrol was cut by Rs 8 per litre, on diesel, it was reduced by Rs 6 per litre. The move will make pump prices of petrol lower by Rs 9.50 per litre and diesel by Rs 7 a litre, said Finance Minister Nirmala Sitharaman.

In the past two months, however, petrol prices have been hiked by Rs 10 per litre.

The excise duty cut will translate into a reduction of Rs 8.69 a litre on petrol in Delhi and Rs 7.05 per litre in diesel after taking into account its impact on other levies.

Petrol in the national capital now costs Rs 96.72 a litre as against Rs 105.41 previously. Diesel is now priced at Rs 89.62 per litre as opposed to Rs 96.67 earlier.

In Mumbai, petrol rates have been slashed to Rs 111.35 a litre from Rs 120.51, while diesel rates have come down to Rs 97.28 per litre from Rs 104.77.

In Bengaluru, petrol now costs Rs 101.94, down from Rs 111.09 a litre, while diesel is priced at Rs 87.89 from the previous Rs 94.79/ litre.

Petrol now costs Rs 106.03 a litre in Kolkata (earlier Rs 115.12) and Rs 102.63 in Chennai (previously Rs 110.85). Diesel is priced at Rs 92.76 a litre in Kolkata (previously Rs 99.83) and Rs 94.24 in Chennai (earlier Rs 100.94).

Rates differ from state to state depending on incidence of local taxes such as VAT.re.

After the latest excise cut, the incidence of central tax on petrol will come down to Rs 19.9 a litre and that on diesel to Rs 15.8 per litre.

Brent - the world's most known crude benchmark - was at $112.55 per barrel on Sunday.

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News Network
March 28,2024

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Mangaluru, Mar 28: A fish meal factory in the Baikampady Industrial area in Mangaluru was gutted in a fire incident on Thursday, officials said.

The factory is owned by the company 'Shihar Enterprises', they said.

According to the locals, the fire was first noticed at 4.45 am today, which was immediately reported to the fire department.

The fire engines reached the spot and tried to douse the fire, but it had already spread to other parts of the factory. After almost four hours of fire-fighting operation, the blaze was completely doused, officials.

The reason for the blaze is still being probed, the fire department officials said, adding that they suspect an electric short circuit could have triggered it.

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News Network
March 21,2024

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New Delhi: India has now become more unequal in terms of wealth concentration than the British colonial period as income and wealth of the top 1% of the country’s population have hit historical highs, according to a paper released by World Inequality Lab.

By 2022-23, the top 1 per cent income share in India was 22.6 per cent and the top 1 per cent wealth share rose to 40.1 per cent, with India’s top 1 per cent income share among the very highest in the world, higher than even South Africa, Brazil and the US.

Co-authored by economists Nitin Kumar Bharti, Lucas Chancel, Thomas Piketty, and Anmol Somanchi, the paper stated that the “Billionaire Raj” headed by “India’s modern bourgeoisie” is now more unequal than the British Raj headed by the colonialist forces. 

The paper said there is evidence to suggest the Indian tax system might be “regressive when viewed from the lens of net wealth”. A restructuring of the tax code is needed, the paper said, adding that a levy of a “super tax” of 2 per cent on the net wealth of 167 wealthiest families would yield 0.5 per cent of national income in revenues and create space for investments.

“A restructuring of the tax code to account for both income and wealth, and broad-based public investments in health, education and nutrition are needed to enable the average Indian, and not just the elites, to meaningfully benefit from the ongoing wave of globalisation. Besides serving as a tool to fight inequality, a “super tax” of 2% on the net wealth of the 167 wealthiest families in 2022-23 would yield 0.5% of national income in revenues and create valuable fiscal space to facilitate such investments,” the paper said. 

The paper has analysed data based on the annual tax tabulations published by the Indian income tax authorities to extract the distribution of top income earners between 1922-2020.

The share of national income going to the top 10 per cent fell from 37 per cent in 1951 to 30 per cent by 1982 after which it began steadily rising. From the early 1990s onwards, the top 10 per cent share increased substantially over the next three decades, nearly touching 60 per cent in the most recent years, the paper said. This compares with the bottom 50 per cent getting only 15 per cent of India’s national income in 2022-23.

 The top 1 per cent earn on average Rs 5.3 million, 23 times the average Indian (Rs 0.23 million). Average incomes for the bottom 50 per cent and the middle 40 per cent stood at Rs 71,000 (0.3 times national average) and Rs 1,65,000 (0.7 times national average), respectively.
The richest, nearly 10,000 individuals (of 92 million Indian adults) earn on average Rs 480 million (2,069 times the average Indian). “To get a sense of just how skewed the distribution is, one would have to be at nearly the 90th percentile to earn the average income in India,” the paper said.

In 2022, just the top 0.1 per cent in India earned nearly 10 per cent of the national income, while the top 0.01 per cent earned 4.3 per cent share of the national income and top 0.001 per cent earned 2.1 per cent of the national income.

Enlisting the probable reasons for sharp rise in top 1 per cent income shares, the paper said public and private sector wage growth could have played a part till the late 1990s, adding that there are good reasons to believe capital incomes likely played a role in subsequent years. For the shares of the bottom 50 per cent and middle 40 per cent remaining depressed, the paper said, the primary reason has been the lack of quality broad-based education, focused on the masses and not just the elites.

“One reason to be concerned with such high levels of inequality is that extreme concentration of incomes and wealth is likely to facilitate disproportionate influence on society and government. This is even more so in contexts with weak democratic institutions. After largely being a role model among post-colonial nations in this regard, the integrity of various key institutions in India appears to have been compromised in recent years. This makes the possibility of India’s slide towards plutocracy even more real. If only for this reason, income and wealth inequality in India must be closely tracked and challenged,” it said.

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News Network
March 21,2024

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New Delhi, Mar 21: Election Commission (EC) on Thursday directed the Ministry of Electronics and Information Technology of Narendra Modi-led government to put an end to bulk WhatsApp messages labelled 'Viksit Bharat Sampark.' It has also sought a compliance report immediately from the ministry.

EC had received several complaints that such messages are still being delivered on citizens’ phones despite the announcement of Lok Sabha elections and the model code of conduct (MCC) entering into force.

In response, the govt informed the commission that although the letters were sent out before MCC came into force, some of them could have possibly been delivered to recipients with a delay because of systemic and network limitations.

In the past few days, several WhatsApp users have received messages from 'Viksit Bharat Sampark' seeking feedback and suggestions from the public. 

The message comes with a PDF that has a letter from Prime Minister Narendra Modi mentioning government schemes like Pradhan Mantri Awas Yojana, Ayushman Bharat, Matru Vandana Yojana, etc, and seeking suggestions from the citizens over government initiatives and schemes.

The letter which addresses users as 'my dear family members' had sparked political controversy. Congress has called the PDF file attached with the message a ‘political propaganda’.

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