Essar Oil Urges the Government to go the Whole Hog on Oil Sector Deregulation

摘要

India's oil & gas sector has seen many changes in recent years. It has grown by leaps & bounds over the past decade but has failed to bring down India's oil import bill which has remained almost static in the 70 to 80% window of overall consumption. The Indian oil & gas sector is a large revenue earner for the Central and State Governments. In 2011-12 it contributed Rs 2,32,769 crore to central and state governments by way of various taxes, which as a percentage of total indirect taxes is 20.6 percent (As per PPAC Indian Public Finance Statistics 2011-12, Ministry Of Finance data). This budget raises expectations that the government will provide support and encouragement to the sector as it is a core sector and pays a significant role in nation building.