I want to be able to say “no” if you’re going too fast and you don’t want me to brake,” says John T. Toth, chief executive officer at the Massachusetts-based Toth Engineering Group Inc., which invented the Toth-Kilroy technology and has designed more than 20 vehicles for Honda.
Mumbai: It is a bit unfortunate that the government and the finance ministry in Rajasthan have decided to reduce the dividend on oil, a major revenue driver in the state. This could have been a clever move, as one of the reasons behind the decision to eliminate the subsidy is that as oil prices fall in the US and Iran and other oil producing countries it would mean less to state budget which is more important to the government in India. But this decision is just not a wise one.
A year ago, oil producers and their international distributors in the US, EU and other major markets came to an agreement to increase their oil production and in return give them some time to price their oil. This is how India’s oil price rose to almost $150 a barrel earlier. When oil prices have fallen below $60 a barrel, states like PwC do not have a problem generating revenues from oil price increase. What happened here is that government is trying to make its budget revenue out of low oil price. For instance, the government cut subsidy on diesel by 15% during the last fiscal year. This is likely to reduce government spending on diesel which had fallen from Rs6,400 crore at present to Rs4,300 crore in 2015-16. So now these states will cut subsidies on diesel, or else they will not be able to pay for roads and infrastructure during the fiscal year. This does not make us better off as citizens of the country but it does do the country a big disservice to cut a major revenue stream of oil producers.
The same is true of the government’s decision to reduce the dividend on oil. India’s oil imports has gone up from 1.45 million barrels per day in 1980-81 to 2.35 million bpd in 2015-16. However a dividend on oil was made mandatory because oil price was so low. Since oil price has fallen to lows of $60 a barrel from $65 and $100 a barrel, the government made this one a big deal. But oil prices have been falling due to weaker demand and lower volumes. By reducing dividend on oil, the government is going to make even less revenue available to government and hence hurting the bottom line
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