Crude oil slump to cut subsidies by Rs 35k cr

Modi govt likely to see windfall gains in April-June quarter; more room to spend on public infra

With oil price at below $60 a barrel and benefits of decontrolled diesel and petrol fully realised, the Narendra Modi-led government is likely to see windfall savings of between Rs 30,000-35,000 crore on combined major subsidies in April-June quarter of 2015-16, Business Standard has learnt. The outgo for major subsides, which includes fuel, food, and fertiliser subsidies, is traditionally the highest in the first quarter (April-June) of any given financial year, as it includes pending payments and outlays for carried over subsidy demands. With subsidy numbers for April and ...