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Fuel taxes: RBI Guv calls for coordinated Centre-state action

He said the rising fuel prices have a cost-push factor and a far-reaching impact on the economy.

By: ENS Economic Bureau | Mumbai |
Updated: February 26, 2021 5:12:00 am
rbi, rbi news, rbi governor shaktikanta das, rbi monetary policy committee, rbi mpc meeting, rbi mpc outcome, rbi mpc resultRBI Governor Shaktikanta Das (Express Photo by Prashant Nadkar)

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said there is a need for coordinated action between the Central and state governments to reduce taxes on petrol and diesel prices. “There is a need for coordinated action between the Centre and the states because there are inherent taxes levied by both,” the Governor said, adding calibrated reduction of taxes is important.

He said the rising fuel prices have a cost-push factor and a far-reaching impact on the economy.

Speaking at the 185th foundation day of the Bombay Chamber of Commerce and Industry, he said, “Overall, we are on the cusp of a turnaround in fortunes. In contrast to rest of the world, the caseload of Covid in India has declined and it is crucial for us to consolidate this decline and capitalise on the success.” Das said it’s working on its digital currency and details could be revealed “very shortly”.

He said RBI is looking into strengthening the regulatory architecture for asset reconstruction companies (ARCs). The RBI is refining and further upgrading the regulatory architecture in respect of the ARCs to ensure that they have a skin in the game, and they are very much in business is receiving a lot of attention from us, Das said.

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