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Q22 (IAS/2004) Economy › Government Finance & Budget › Government Finance & Budget

Consider the following statements : 1. The Oil Pool Account of Government of India was dismantled with effect from 1.4.2002. 2. Subsidies on PDS kerosene and domestic LPG are borne by Consolidated Fund of India. 3. An expert committee headed by Dr R. A. Mashelkar to formulate a national auto fuel policy recommended that Bharat State-II Emission Norms should be applied throughout the country by April 1, 2004. Which of the statements given above are correct?

Result
Your answer: —  Â·  Correct: A
Explanation
Statement 1 is correct: The Administered Pricing Mechanism (APM) and the Oil Pool Account were dismantled on April 1, 2002. Statement 2 is correct: Post-APM, subsidies for PDS kerosene and LPG are funded through the Union Budget via the Consolidated Fund of India. Statement 3 is incorrect: The Mashelkar Committee recommended Bharat Stage-II (BS-II) norms for the entire country by April 1, 2005, not 2004 (2003-04 was the deadline for specific major cities). Thus, only statements 1 and 2 are correct, making A the right option.
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