30 November, 2020

Was It Just A Mirage Then?

With the economy in a bind and the government clueless and apathetic, the Indian middle class sees its dreams unravel

Apoorva Salkade
Was It Just A Mirage Then?
outlookindia.com
-0001-11-30T00:00:00+05:53

“They talk about subsidies, yet all oil companies are making horrendous profits. If there are losses, it should reflect on the balance sheet,” says Delhi-based Rajesh Dixit, an assistant manager with an insurance company, angrily. This anger is not without reason. While Dixit (the man featured on the cover of this issue) struggles to juggle his household budget—already burdened with the expense of sending two children to school and poor savings that are inadequate to fund a house of his own—the ‘unjustified’ Rs 7.50 hike in petrol prices has got this affable-looking fellow real mad.

That’s because he’s smart enough to figure out that the six state-run oil companies (including three oil marketing companies) have together posted over Rs 38,401 crore in profits for 2011-12. For a year now, the oil marketing companies have been crying themselves hoarse about huge losses thanks to government subsidising transport and cooking fuel prices. Admittedly, the government subsidy transfer and...

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