The government may again hike the excise duties on petrol and diesel to cover up for the huge expenditures on the coronavirus, as global oil prices show signs of decline amid weak demand and increased output.
Official said the immediate task before the government was to support the different sectors of the economy which had been impacted and are likely to be affected by the virus. “The question is not whether we would be breaching the fiscal deficit numbers. We have to look at options to garner resources,” officials said.
Officials said the finance and commerce ministries and the Niti Aayog were studying the economic impact of the pandemic. The monetary and fiscal response measures were being studied.
