Finance minister Nirmala Sitharaman today said the government expects inflation to remain contained and well within range in the months to come. She said the Centre is paying through its nose on oil bonds of the UPA era.
She said oil bonds were the UPA government's "trickery" and acted as an "unfair burden". "If I did not have the burden to service Rs 1,34, 423 crore of oil bonds issued by the UPA, I would have also been able to reduce fuel prices," she said.The NDA government paid nearly Rs 70,196 crore interest between FY15-21. "Current principal outstanding on the UPA era oil bonds is Rs 1,30,923 crore," she said.
On the country's revenue position, the FM said the revenue collection in the first five months of the current fiscal have remained "buoyant" and will remain so. "The GST collections have gone up, direct tax collections are also better. We expect revenues to remain buoyant," she said, adding that there's no reason to link revenue growth with fuel excise cut.
The finance minister said there's no proposal at the moment for further recapitalisation of public sector banks. "PSBs have raised Rs 58,700 crore in FY21, and made the profit of Rs 31,816 crore," said the FM, adding that she'll meet public sector bank chiefs to review progress.
Also read: FM Nirmala Sitharaman to meet CEOs of public sector banks on Aug 25
She said the overall position of PSBs has improved and most stressful situation is over. She also said PSBs have recorded a profit of Rs 31,800 crore and their capital has raised to Rs 58,700 crore.
The FM added she expects the festival season to provide a boost to the demand situation. The ministry is also working on a cabinet note on cryptocurrency, she added. Sitharaman said the government expects the upcoming festive season to be better. "Industry is looking at expansion, (there's) enough liquidity available," she said.
On Union minister Piyush Goyal targetting Tata Sons for “opposing consumer protection regulations” on e-commerce, she said what Piyush Goyal was more about his feeling and concern for small businesses. "It was intended towards small businesses," she added.
Also read: Indian economy's buoyancy now visible, will pay GST compensation to states on time: Sitharaman