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Teen solves centuries-old math problem
NEW DELHI, Nov. 9 (UPI) -- India expressed concern over mounting subsidies in the petroleum, food and fertilizer sectors as crude neared $100 per barrel.
"We need to address the problem of mounting subsidies in food, fertilizers and now, in petroleum, which is a recent phenomenon," Prime Minister Manmohan Singh said at the Full Planning Commission meeting to approve the draft 11th Five Year Plan on Thursday.
The government sells foodgrains and fertilizers below cost price and has not allowed oil companies to raise fuel prices despite the rising cost of production; it has been compensating them for their losses through the issue of oil bonds, Singh said.
Singh said it was important to restructure subsidies so only the poor benefit from them.
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