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Vote on account a disappointment, says former ONGC Chairman R.S. Sharma

Anilesh S. Mahajan     February 17, 2014

In his vote on account, Finance Minister P. Chidambaram laid emphasis on curtailing subsidies. He estimated subsidies at Rs 246,000 crore, up from his last estimate of Rs 231,000 crore.

The finance minister increased the allocation for fertiliser subsidies to Rs 75,000 crore from last year's Rs 65,900 crore. The fuel subsidy is been at the same level as last year's Rs 65,000 crore. However, he announced last year the fuel subsidy of Rs 35,000 crore would be rolled over to the next year. This means this money will only be released in the next financial year.

Former ONGC Chairman and Managing Director R.S. Sharma said he was disappointed. As per estimates, underrecoveries of OMCs are at Rs 140,000 crore. "Overall the vote on account came as a disappointment," he said.

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