India May Cut Taxes on Crude Oil, Motor Fuels, Times Reports

India’s Finance Minister Pranab Mukherjee may cut excise duties on gasoline and diesel by 2 rupees to 3 rupees a liter and reduce the import tax on crude oil to 5 percent from 7.5 percent today, the Hindustan Times reported, without saying where they got the information.

Mukherjee may give tax exemptions to attract investments in infrastructure projects in his budget speech today and do away with controls on rupee-denominated foreign debt for infrastructure projects, according to the report. The minister may allow foreign direct investment in multibrand retailers, the newspaper said.