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This is an archive article published on April 30, 2008

Govt to offer higher fertiliser subsidy: FM

The country has enough stock of foodgrains and is ready to bear higher subsidy for fertiliser, declared Chidambaram.

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Government said on Wednesday that the country has enough stock of foodgrains and is ready to bear higher subsidy for fertiliser, but ruled out going back on the controversial Commodity Transaction Tax (CTT) on the futures market.

“We will do nothing to hurt farmers. If that means higher imports of fertilier, bearing higher subsidy…every one of that will be done,” Finance Minister P Chidambaram said in the Rajya Sabha replying to the debate on the Finance Bill.

He said CTT is the mirror image of Securities Transaction Tax (STT) which was also imposed on the stock markets and met with similar resistance. On the lines of STT, CTT would also be accepted, he said.

The Rajya Sabha later returned the Finance Bill completing the process of the Budget for 2008-09.

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