Revenue earned during lean crude market utilised in developmental projects: Goyal

Revenue earned by the government during low crude prices in the International market has gone into the developmental projects of various nature and magnitude, Union Minister Piyush Goyal said today.

Goyal was talking to media here ahead of flagging of Bandra Jodhpur Hamsafar Express from Bhagat ki Kothi railway station.

"The revenue earned by the government during the lean crude market by not reducing the prices accordingly, has been utilised in developmental projects, which were of very high importance," the Minister for Railways, Coal and Corporate Affairs said.

He, however, said the government was concerned about the spurt in fuel prices in the country and the inconvenience caused to the common man because of the price rise.

"It is matter of concern for us and we are working desperately on the issue to bring a reduction in the prices of fuel in order to provide relief to the common man," Goyal said.

The minister said Prime Minister Narendra Modi assumed office amid a highly adverse financial condition both on national and international level, but due to efficient and determined handling of the situation by the government, situation has come on track.

"As a result the GDP which was around 4.5% then, has touched a mark of 7.5% on account of revolutionary steps," he said.

Referring to GST, Goyal said it was passed unanimously for a radical change in the economy and the result was that the tax collection under GST has touched new high.

He also said that not only on the financial front but the government has equally worked with efficiency on social security front.