The risks to fiscal health from higher oil prices1 min read 29 Dec 2017, 07:50 AM IST
Government's finances aren't looking particularly rosy, considering the uncertainty over how GST revenues will pan out, lower dividends from RBI and lacklustre direct tax collections
Global crude oil prices had started falling since mid-2014. It’s well known that the Indian government chose not to pass on the decline in crude prices to consumers in the form of lower retail prices of petrol and diesel. Instead, it raised excise duties over a period of time and used the windfall to improve its finances.