What is the nominal GDP growth projected for 2005-06?
It is 12 per cent for 2005-06. If you deduct the rate of inflation from this, you will get the real GDP growth rate. How will the cess on diesel and petrol impact inflation? Also, what will be the impact of the reduction of Customs duties on crude, and excise duty on LPG and kerosene? There will be no impact of the cess on inflation. Inflation is not determined by whether the taxes are being increased or decreased. We have take into account the present level of crude imports and the oil prices. The entire exercise in oil duty structure is revenue neutral. Why have you imposed a countervailing duty on imports? Isn’t it the same as Special Additional Duty? We have only taken a power to impose a CVD on imports when the value-added tax (VAT) comes into force. We have not imposed the CVD. Moreover, this is a provision only for the ITA (Information Technology Agreement) items, which are being brought under zero-import duty from the next fiscal. You have stated that you will not be able to fu
