No subsidised gas for people with annual income exceeding Rs. 6 lakh: Panel!

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PTI, The Hindu / NEW DELHI, August 3, 2011.

The government is considering a proposal to limit supply of subsidised domestic LPG cylinders to four per household in a year. File photo - The Hindu.

The government should end subsidised domestic cooking gas (LPG) for people with income of more than Rs. 6 lakh per annum, a Parliamentary panel has suggested.

A 14.2-kg LPG cylinder in Delhi currently costs Rs. 395.35, which is Rs. 247 short of its market price. If the panel recommendation is accepted, people with more than Rs. 6 lakh per annum household income will have to pay Rs. 642.35 per bottle.

“...to offset the huge losses made on account of subsidised domestic LPG cylinders, the government may consider to do away with providing subsidised LPG to rich and affluent people having an income of more than Rs. 6 lakh per annum”, it said.

“This should include those holding constitutional posts, public representatives like MPs, MLAs/MLCs,” the Standing Committee on Petroleum and Natural Gas said in its latest report.

The suggestion was made in view of the huge subsidy bill the government has to foot while selling fuel at below market price.

Yes, at last our law makers have seen some reason in my contention that subsidies should be confined to people of lower income groups and not everyone in the Soceity!

Full Story at,

http://www.thehindu.com/business/Economy/article2319116.ece

INDIAN ECONOMY: National Sample Survey finds huge disparity in Indian income!

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PTI / The Hindu / NEW DELHI, July 8, 2011.

There is a marked difference in spending patterns of the top and bottom strata, according to NSS survey.

While average monthly per capita expenditure stood at Rs 1,053.64 in rural areas and Rs 1,984.46 in urban India in 2009-10, there remained a huge gap between the incomes of the top and bottom segments of the population, as per the latest National Sample Survey.

The National Sample Survey also found that food items accounted for the bulk of the expenditure, with the share of food in total household spending at 57 per cent and 44 per cent in rural and urban areas, respectively.

Key indicators from the 66th round of the NSS’ survey released on Friday said the per capita expenditure level of the urban population was on average about 88 per cent higher than that of the rural population, based on the measure of modified mixed reference period (MMRP).

“In terms of MMRP estimates, the average monthly per capita expenditure (MPCE) in 2009-10 was estimated as Rs 1,053.64 in rural India and Rs 1,984.46 in urban India,” it said.

The survey found that the poorest 10 per cent of India’s rural population had an average MPCE of Rs 453, while for the poorest 10 per cent of the urban population, the average MPCE stood at Rs 599.

There is a huge gap between the income level of the top and bottom segments in the country.

The top 10 per cent of the rural population had an average MPCE of Rs 2,517, which is about 5.6 times that of the bottom 10 per cent.

Meanwhile, the top 10 per cent of the urban population had an average MPCE of Rs 5,863, or about 9.8 times that of the bottom 10 per cent.

Full Story at,

http://www.thehindu.com/business/Economy/article2211246.ece