The government will not roll back any of the recently taken decisions on diesel, cooking gas and foreign direct investment (FDI) in retail, Finance Minister P Chidambaram has said.
Last week, the union government raised the price of subsidized diesel by Rs. 5; opened the retail broadcast, and aviation sectors to foreign investors; and also announced its decision to sell some of its stakes in four public sector units (PSUs). The decision aimed at tackling the problem of widening fiscal deficit and preventing rating agencies from downgrading India’s ratings further. But the decisions were severely criticized and opposed not only by the BJP-led Opposition but also by some the government’s allies who threatened to pull support from the government.
But, Mr. Chidambaram denied any roll back on the decisions, and insisted that the government wasn’t facing any threat from its allies.
Speaking on the topic, Mr. Chidambaram said, “Opposition will demand a rollback. As far as I know we are not rolling back any of these decisions.”
Trinamool Congress, a crucial ally of the government, had warned the government that the decision on diesel, LPG and DDI in retail should be rolled back within 72 hours or else it would pull out its ministers from the government.
He added that the government would ultimately manage to convince its allies over the decisions. He claimed that the government's decision to move ahead with the much-delayed reforms was a well-thought move, and that allies would finally realize that the decision was necessary and imperative to protect the economy from internal as well as external threats.
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