For every barrel of oil produced in
India, the government earns more than 50 per cent of revenue through royalty,
cess, profit petroleum; not to mention corporate income tax and other state
level taxes. On the other hand, for every barrel of oil imported into the
country, the government not only gets zero revenue but has to shell out
precious foreign exchange that has a direct bearing on the country’s economy.
The need of the hour is to boost domestic production through a robust policy
and concerted efforts.
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