FM Nirmala Sitharaman had said govt cannot bring down taxes - and thus oil prices - because it has to pay for oil bonds issued by the previous UPA Govt. What are oil bonds, and to what extend do they tie the government's hands?

[JackSeal]

FM claims that when NDA Govt took charge oil bonds worth ₹1.34 lakh crore had to be paid between 2015-2026. Table 1 shows that between 2015-2021 NDA Govt has fully paid oil bonds to a total of 13.5k cr. As per Chart-1 interest & principal payment amount to ₹93,686 cr has been made. Chart-2 shows total revenue earned by the central & state Govt bet 2014-2022 from tax on petroleum products alone amounts to more than 43 lakh crores. That means the total payout by the NDA Govt till date on account of oil bonds is just 2.2% of the total revenue earned during the period. 

Nonetheless BJP Govt itself has issued bonds worth ₹2.79 lakh crore to recapitalise public sector banks. These bonds will be paid by Govt till 2036. Instead of increasing the productive capacity this Govt is only playing vote bank politics & protecting crony capitalism.

[JackSeal]

Jai Shri Ram 🕉

[Vaampire]

Worst FM in the history. Emey okkathi chaalu bjp ni m kudapadaniki

[manadonga]

Oil companies paying oil bonds. What about taxes?