According to the Minister of Finance Nirmala Sitharaman, approximately nine crore people participating in the Pradhan Mantri Ujjwala Yojana will receive a gas subsidy of 200 rupees per cylinder in 2018, up to a maximum of 12 cylinders. It is estimated that the annual revenue at stake is 6,100 million rupees.
The government is reducing the customs charges that must be paid on the raw materials and intermediates used in the production of plastic goods, which are also heavily imported; as a result, the cost of finished items will be reduced.
According to Ms. Sitharaman, the customs charge on iron and steel is calibrated to cut prices. Specific raw materials used in steel production would be excluded from paying import duties.
Items made of steel that are exported will be subject to a duty, and efforts are being made to increase the supply of cement and decrease the cost of cement through improved logistics.
According to her, the world is presently undergoing a difficult time because the conflict in Ukraine and Colombia has produced disruptions in the supply chain and shortages of a variety of different goods.
Even though the economy is in a horrible state, the government of Narendra Modi is committed to ensuring that the prices of essential commodities are kept under control. In many nations, this has led to inflation and economic suffering.
She noted that the average inflation rate throughout this government’s term has been lower than during the terms of previous governments due to the actions taken by this government. These actions include several government measures to support those in the lower and middle classes.
The Minister noted that the government had ensured no shortages of essential products, even though even a few developed countries have faced shortages and interruptions.
She stated that the NDA’s PM Garib Kalyan Anna Yojana was a welfare model even during the pandemic and that it is now highly recognized and admired around the world.
According to the Minister, farmer protections are in place despite increasing fertilizer prices internationally. An additional 1.10 lakh crore rupees in fertilizer subsidies are being added to the budget for the benefit of farmers.
Ms. Sitharaman claims that Prime Minister Modi has given all government agencies instructing them to work compassionately and bring help to the regular citizen.