India may cut crude oil import tax by 2.5%

According to a report by the Bloomberg News Agency on February 28 in New Delhi, India’s “Hindustan Times” reported today that Indian Finance Minister Pranab Mukherjee is likely to reduce the consumption tax on gasoline and diesel by liter per liter today. To Rs 3 and possibly reduce the import tax on crude oil by 2.5%, from 7.5% to 5%. India’s Hindustan Times did not explain where they got this information.

According to India’s “Hindustan Times,” India’s finance minister may today propose tax relief in his budget speech to attract investment infrastructure projects.

India's Hindustan Times reported that Indian finance ministers may allow foreign direct investment in domestic multi-brand retailers.