Pranab rules out dual pricing for diesel

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Finance Minister Pranab Mukherjee on Saturday ruled out dual pricing for diesel, which could have made the fuel expensive for passenger car owners.

"There are no proposals for introducing dual pricing for diesel," he said while addressing a CII function on two decades of Economic Reforms.

He also said there was no proposal to raise duties to make up any shortfall in tax revenues, as has been speculated in the past couple of days. He sought to allay apprehensions in the corporate sector that economic reforms have come to a halt.

It is true that sometimes the process of reforms has been held ‘hostage by political events’ and this is in the very nature of our democracy and its polity, he said.

Despite ideological differences, principal political parties have been able to work together on most issues, he said.

"I have no hesitation in saying that the process of economic reforms in India is irreversible," Mukherjee said, adding that the economic stakeholders have no reason to fear introduction of any regressive policy measures at any point of time.

"We have to deepen the policy reforms in the financial sector and address gaps in the overall economic regulatory architecture. The government has outlined a significant legislative agenda ... which we hope to purse in the coming days in the ongoing Parliament session," he added.

He, however, asked the industry to join hands with the government in its efforts to improve business sentiments by way of increase in investment in crucial sectors.