Interview with Dr. Suma Singh Dean of Humanities Associate Professor Dept of Economics Mount Carmel College, Bengaluru

Interview with Dr. Suma Singh, Dean of Humanities Associate Professor Dept of Economics Mount Carmel College, Bengaluru

By Malini Shankar 
Digital Discourse Foundation 
How will the oil glut affect oil pricing in the near term and long term for India?- Well the slide in oil prices is largely triggered by the excess supply given the drastic fall in demand worldwide due to the pandemic. The slide is good news for economies like India who are major oil importers. Technically the fall in world oil prices should have translated to lower retail prices in India. Unfortunately the economic crisis post Covid-19 has meant the revenue resources for Government Of India have dried up. We can expect drastic fall in GST collections for March, April and May. But Government Of India must open its coffers to ensure saving of Jaan and Jahaan. In such circumstances the customs and excise duty on petrol and diesel are the main income sources for Government Of India. So we can't expect the international situation to have an influence on internal prices. But the silver lining is it would reduce the deficit in the Balance of Payment. 

Why can't GST be introduced for oil pricing in India? Wouldn’t it be sustainable both financially and ecologically 
GST on petrol and diesel will be unacceptable to State Governments as excise/VAT on petrol and diesel are very important revenue sources. Post GST the revenue sources have become limited to the States and they are becoming more dependent on GST transfers from GOI. Also the freedom to levy VAT/excise on petrol and diesel gives the State Governments some leverage during crisis times. Yes ideal situation would be to bring petrol and diesel under GST but this may be a long road to reach. 

What is the ecological impact of falling oil prices? 
Falling oil prices may slow down the move to green energy in transportation sector. The Electric Vehicles boom predicted may be delayed as Electric Vehicles are still not cost viable. 

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