{"id":118585,"date":"2021-07-14T20:14:53","date_gmt":"2021-07-14T14:44:53","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=118585"},"modified":"2021-07-15T19:16:03","modified_gmt":"2021-07-15T13:46:03","slug":"rising-fuel-prices-eating-into-health-spends-sbi-report","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rising-fuel-prices-eating-into-health-spends-sbi-report\/","title":{"rendered":"Rising fuel prices eating into health spends: SBI report"},"content":{"rendered":"<p><b>Source<\/b><span style=\"font-weight: 400;\">: <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/india-business\/rising-fuel-prices-eating-into-health-spends-sbi-report\/articleshow\/84397014.cms\" target=\"_blank\" rel=\"noopener\">Times of India\u00a0<\/a><\/span><\/p>\n<h5><b>What is the news?<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">A recent report by SBI shows that expenditure on non-discretionary items (including health) is reducing due to rising fuel prices. This calls for urgent lowering of prices through tax rationalisation.<\/span><\/p>\n<h5><b>Background<\/b><span style=\"font-weight: 400;\">:<\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">SBI has released a report which tries to show the relationship between rising inflation and expenditure on non discretionary items.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The retail inflation has breached the 6% threshold owing to rising fuel prices. In many cities petrol has breached the Rs. 100\/litre mark.\u00a0<\/span><\/li>\n<\/ul>\n<h5><b>Findings of SBI report<\/b><span style=\"font-weight: 400;\">:<\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">An analysis of SBI card spends indicates that spending towards non-discretionary health expenditure has been substantially reduced to accommodate increased expenditure on fuel.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In fact, such spending has more than crowded out the spending on other non-discretionary items, like grocery and utility services.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The share of non discretionary spend on items like fuel has jumped to 75% in June, 2021 from 62% in March, 2021.<\/span><\/li>\n<\/ul>\n<h5><b>Way Ahead<\/b><span style=\"font-weight: 400;\">:<\/span><\/h5>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Citing the data, the agency argued that there <\/span><b>was an urgent need to lower fuel prices through tax rationalisation.<\/b>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The governments, at the Centre and in states, have been mopping up revenue through high excise and VAT on petrol and diesel.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A reduction in levies is desired as petrol in India is currently dearer than BRICS, Indonesia, Thailand and the US as per a report by CARE ratings.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Source: Times of India\u00a0 What is the news? A recent report by SBI shows that expenditure on non-discretionary items (including health) is reducing due to rising fuel prices. This calls for urgent lowering of prices through tax rationalisation. Background: SBI has released a report which tries to show the relationship between rising inflation and expenditure&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rising-fuel-prices-eating-into-health-spends-sbi-report\/\">Continue reading <span class=\"screen-reader-text\">Rising fuel prices eating into health spends: SBI report<\/span><\/a><\/p>\n","protected":false},"author":10322,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,1305,9],"tags":[],"class_list":["post-118585","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-index-reports-bodies","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704930624},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/118585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10322"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=118585"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/118585\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=118585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=118585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=118585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}