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Thursday, July 02, 2009

Decontrol petrol, diesel prices: Economic survey

And allow entry for private and foreign firms in the energy sector

The Economic Survey for 2008-09 was presented by Finance Minister Pranab Mukherjee in Parliament today, 2 July 2009.

The Economic Survey released a little while ago said the government should decontrol petrol and diesel prices as long as the domestic prices remain below the cost of import, demand would continue to grow accentuating the negative impact..

The Survey made suggestions for sweeping reforms in the energy sector, including limiting subsidized cooking gas to domestic consumers to 6-8 cylinders per year.

The government should end controls on prices of petrol and diesel and allow entry for private and foreign firms in the energy sector, the Survey added.

The Economic Survey, which is tabled by the Finance Minister before the presentation of the Budget, provides the government's assessment of the economy, outlines the problems facing the country and suggests measures for dealing with them.

The Union Budget for 2009-10 will be presented by the Finance Minister Pranab Mukherjee in the Parliament on Monday, 6 July 2009.

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