Tag: BPCL

As a result, these demons showed India a fiscal deficit of 1.05 trillion. But the Modi government to overcome this introduced reduction in Corporate Tax rate from 30 to 20% to boost investment nature in the economy. According to the government, this will encourage people to invest but you cannot force anyone to invest his saved money. And this added a few more crores to the fiscal deficit number. It also lowered the tax rate for new manufacturing companies to 15% to attract foreign investment but this move dint worked well too.

The Modi government after trying all juggles has decided an initiate a privatization program. Under this program, the government will sell its entire stake in the second-largest state refiner- Bharat Petroleum Corp and the largest shipping company, Shipping Corp. of India Ltd. It has also declared to sell control on 30.8% shareholding in Container Corp which has almost monopoly on railway freight. Along with them, Air India will also be put on sale and the government would pay for the airline’s hefty debt to make a sale attractive. 

The government plans to reduce its stake in Indian Oil, the country's largest oil refining company, to less than 51 per cent. However, the government and its companies will retain control over IndianOil.

Public sector oil companies have accused Air India of turning down the promise of payment. The companies said on Tuesday that Air India has reneged on the promise of payment of arrears of 100 crores every month and is not even giving any concrete roadmap of its payments, while the total arrears on the company have reached 5,000 crores.

The central government is going to sell stakes in three other state-owned companies after BPCL, the country's second largest oil company. The government has invited bids for this. The companies for which bids have been called include Indian Railways' company Concor.