Name: Government will do its best to keep power, fertiliser prices low: Piyush Goyal
Uploaded: 2014-06-27T09:35:46+05:30
Description: Power Minister Piyush Goyal has said that there are anomalies in the Rangarajan formula.

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Two days after the gas pricing decision was deferred, Power Minister Piyush Goyal has said that there are anomalies in the Rangarajan formula. The minister, while speaking to CNBC-TV18, also claimed that the government will keep power and fertiliser prices low. Here's an excerpt from the interview: 
 
CNBC-TV18: Power producers are already coming to you with the fact that power plants are running at minimum PLF or are stranded due to gas supply. As Power Minister what are you going to tell them? There was a Rangarajan formula, approved by the previous government but was help for a model code of conduct in place and now we are of an understanding that your government is intending to renew this matter afresh. Are you junking the formula altogether? 
 
Piyush Goyal: That is for the Petroleum Minister to decide. But the fact is that many of the previous government's decisions do need to be revisited. Take the example of the Rangarajan formula, I was part of the Standing Committee, which studied the whole gas price issue. Now I don't believe that you can have an imported price fixation or calibration, which includes Japan, which itself is an importer. 
 
CNBC-TV18: Minus Japan, is that the biggest anomaly in the formula? 
 
Piyush Goyal: If you read our standing report, a number of anomalies were found in the whole concept of gas pricing. 
 
CNBC-TV18: Should there be a different price as far as the power sector and fertiliser sector are concerned? The previous government was talking about some sort of a subsidy being worked out, what is your government's stand on it? 
 
Piyush Goyal: I can flag off one thought - power and fertiliser impact the consumer directly. The final consumer has an expectation of quality product at affordable prices. Any sensitive government will have to look at these two sectors with a more human approach and we need to calibrate any thinking that the government does for these two sectors. 
 
CNBC-TV18: So you would be in favour of a subsidy in these two sectors if the gas price were to be hiked? 
 
Piyush Goyal: I am making sure that the last man on the street is not burdened beyond limits and I would be in favour of ensuring that investments made in India survive and flourish, while protecting the customers.

Government will do its best to keep power, fertiliser prices low: Piyush Goyal

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Power Minister Piyush Goyal has said that there are anomalies in the Rangarajan formula.

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Government will do its best to keep power, fertiliser prices low: Piyush Goyal

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