Subsidy of Rs 200 on LPG cylinder to fuel rates cut: Key announcements made by FM Nirmala Sitharaman

Cement availability is being improved, and the cost of cement is being reduced through improved logistics.

Similarly, we are adjusting customs duties on iron and steel raw materials and middlemen to lower prices. Import duties on some steel raw materials will be decreased. Some steel items will be subject to an export tariff.

We're also lowering customs duties on raw materials and middlemen for plastic products, which are heavily reliant on imports. As a result, the final product's cost will be reduced.

Over 9 crore Pradhan Mantri Ujjwala Yojana beneficiaries will receive a subsidy of Rs 200 each gas cylinder (up to 12 cylinders). "Our mothers and sisters will benefit from this. This will result in annual revenue of roughly Rs 6100 crore, "according to the FM.

The FM urged all state governments to implement a comparable cut and "provide assistance to the ordinary man," particularly in states where reductions were not made during the last cycle (November 2021).

The Central Excise Duty on Petrol and Diesel will be reduced by Rs 8 per litre and Rs 6 per litre, respectively. This will lower the price of gasoline by Rs 9.5 per litre and diesel by Rs 7 per litre. It will cost the government roughly Rs. 1 lakh crore per year in revenue.

"The government is committed to the people's welfare, and we have taken several efforts to assist the poor and middle class. As a result, average inflation throughout our administration has stayed lower than in prior administrations while announcing the reduction,” the FM added.