Budget 2025: The first entire budget of the central government in these five years is expected to prove very important for the ordinary people. In this budget, the government can decide to increase the tax-free income limit for the middle class. On the other hand, good news on the price of petrol and diesel is possible. The central government has been expected to cut the cost of gasoline and diesel by a considerable amount.
The Modi government can decide to reduce the excise duty on petrol and diesel. If this is done, there will be a bumper fall in the rate of gasoline and diesel, due to which the people’s fortunes will surely shine. Currently, the excise duty on diesel is Rs 15.80, and on petrol, it is Rs 19.90. If reduced now, it will be like a relief for ordinary people in inflation.
How important is the price of petrol and diesel for the economy?
Petrol and diesel prices play a vital role in the Indian economy. These prices have a significant impact on industries and the general public. When fuel price cuts increase, they cause inflation, significantly affecting the consumer’s budget.
The fall in petrol and diesel prices will not only provide relief to the commoner but will also give energy to the whole country’s economy, which will prove to be effective in the future. CII has recommended that the government reduce the excise duty on petrol and diesel. CII is considered an industry organization that works to protect Indian interests.
If some experts are to be believed, along with the general public getting relief in the price of petrol and diesel, the industry’s cost will also be reduced significantly. This will dramatically reduce the cost of manufacturing the product. Therefore, the country’s economy is likely to get a big boost.
Finance Minister will present the budget.
Union Finance Minister Nirmala Sitharamanwill present the country’s full budget for the 8th consecutive time. This will be the first entry of the Modi Government 3.0 session, which is full of expectations. If the government cuts the petrol and diesel prices, the prices of vehicle production will also be reduced. Its far-reaching positive effects can be seen. However, nothing has been said officially yet.