With our individual budget is tearing into our savings the Reserve Bank Of India have increased the interest rate by 25 basis points. This is the twelfth increase in the last 18 months.
The RBI’s aim is to control inflation, at what cost? People who have taken loans, now have increased their liability, while the others planning to invest, find their budget going haywire. Unfortunately the common man is left in the lurch.
The international price of crude oil is now 110$ a barrel. Add to this the falling rupee vis-à-vis the dollar. Obviously we are paying increased prices and likewise the govt. earns more in taxes because the basic cost is more in Indian Rupees. The govt. should fix custom tariff, excise and sales tax on a fixed price of basic crude for three years and not on their actual value. This seems to be the only way the prices of fuel can be controlled.
IS THE GOVT INTERESTED?
