{"id":35794,"date":"2018-11-01T11:49:39","date_gmt":"2018-11-01T06:19:39","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35794"},"modified":"2018-11-01T11:49:39","modified_gmt":"2018-11-01T06:19:39","slug":"high-oil-taxes-curbed-consumption-investment","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/high-oil-taxes-curbed-consumption-investment\/","title":{"rendered":"\u2018High oil taxes curbed consumption, investment\u2019:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/high-oil-taxes-curbed-consumption-investment\/article19441316.ece\"><span style=\"font-weight: 400;\">\u2018High oil taxes curbed consumption, investment\u2019<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><b>Context:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">NITI Aayog\u2019s next Vice Chairman Rajiv Kumar believes focus should be job creation, not claims of economic victory<\/span><\/p>\n<p><b>Introduction:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> The Centre\u2019s reliance on higher taxation of petroleum products to mop up revenue could be in for review.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The government raises taxes on petroleum products on more than one occasion, principally to mop up resources for keeping its fiscal deficit targets.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Consequently, domestic prices of petrol declined by only Rs 10 per litre over the past 18 months, whle global oil prices have plummeted from $100 per barrel to $ 40.<\/span><\/li>\n<\/ul>\n<p><b> Impacts:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Fresh taxes levied on petroleum products helped prop up revenue, but ended-up restraining consumption as well as investment demand in the process.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The fiscal bananza from the oil price decline caused \u2018a degree of complacency\u2019 in expenditure management.<\/span><\/li>\n<\/ul>\n<p><b>Conclusion:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The government should focus on maximum employment creation, which is critical to meet the \u2018exploding aspirations of his young supporters\u2019 and \u201cwill automatically yield a near double digit rate of GDP growth for the next decade and an average of 7-8% for the next three decades.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2018High oil taxes curbed consumption, investment\u2019:\u00a0 Context: NITI Aayog\u2019s next Vice Chairman Rajiv Kumar believes focus should be job creation, not claims of economic victory Introduction: The Centre\u2019s reliance on higher taxation of petroleum products to mop up revenue could be in for review. The government raises taxes on petroleum products on more than one&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/high-oil-taxes-curbed-consumption-investment\/\">Continue reading <span class=\"screen-reader-text\">\u2018High oil taxes curbed consumption, investment\u2019:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35794","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704778019},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35794","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\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35794"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35794\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}