MUMBAI/NEW DELHI : The Indian government could consider reducing taxes on some items such as maize and fuel in response to the central bank's recommendations to help rein in climbing retail inflation, two sources with knowledge of the discussions told Reuters.However, a decision will only be taken after t
MUMBAI/NEW DELHI : The Indian government could consider reducing taxes on some items such as maize and fuel in response to the central bank's recommendations to help rein in climbing retail inflation, two sources with knowledge of the discussions told Reuters.
India's annual retail inflation rate rose to 6.52 per cent in January from 5.72 per cent in December, data showed this week. "The government is looking at cutting import duties on products like maize, which attract a 60 per cent basic duty, while taxes on fuel could also be reduced again," the source added.Though global crude oil prices have eased and stabilised in recent months, fuel companies have not passed on the lower import costs to consumers or companies trying to make up for previous losses.
January's retail inflation was above the RBI's upper target limit of 6 per cent for the first time since October and much higher than an estimate of 5.9 per cent in a Reuters poll of 44 analysts."This has been one of the ways in which government and RBI has coordinated to create a stable macroeconomic environment. Fuel and maize are part of duties. We will probably wait for at least one more print before we decide on these," he added.
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