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Subsidized LPG Increase to 12 Cylinders

The UPA government on Thursday amplified the subsidy on cooking gas, agreeing to famous demand as it advances a national election due by May. The decision to increase the cap on annual sales of subsidized cooking gas cylinders to 12 from 9 per household was made days after Rahul Gandhi, vice president of the Congress, demanded an elevate in the upper limit. The move, which will rate the exchequer 50 billion rupees, comes at a time when finances are under demands in the face of weak tax receipts in a slowing economy and high public spending. Weak public finances have not simply limited policy options to revitalize Asia's third largest economy, which is growing underneath its slowest pace in a decade, but have also put its investment grade credit rating under risk. Little surprise the subsidy increase came into question from the Reserve Bank of India which is trying to alleviate a shaky economy in a bid to avoid a repeat of last summer's sell-off by foreign investors. Raghuram Rajan, governor of the RBI, concerned the government against expanding "misdirected" subsidies. "We have to be very cautious because we need to spend on very significant things we are not spending on," he told late Thursday. Under the subsidies, households will be allowed to buy the cylinders at less than half the market price. It is a extremely popular, and sometimes very important, scheme in this nation of 1.2 billion people.

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