NEW DELHI, Nov 4 ― The Indian government yesterday reduced taxes on petrol and diesel in a bid to improve consumer sentiment, as Asia's third-largest economy recovers from the shocks of severe lockdowns to control the spread of the coronavirus. The excise duty on petrol has been reduced by 5...
NEW DELHI, Nov 4 ― The Indian government yesterday reduced taxes on petrol and diesel in a bid to improve consumer sentiment, as Asia's third-largest economy recovers from the shocks of severe lockdowns to control the spread of the coronavirus.
The tax relief comes on the eve of the Hindu festival of Diwali, which marks the beginning of a busy festive season in India, typically marked by increased consumer spending. But high fuel prices have been hurting the margins of corporates as well as farmers, who contribute a significant chunk to the economy. The cut in fuel taxes is likely to come as a boost to manufacturers and farmers.
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