LIVE Video: FM Arun Jaitley holds an important press meet, making crucial announcement

New Delhi, News24 Bureau, Oct 4: A very big announcement is expected by Finance Minister Arun Jaitley. This is related to the rising fuel prices. All eyes were on FM Arun Jaitley as the common man is reeling under the burden of price rise. FM has addressed the nation at an opportune time. Fuel prices rising, gold prices getting out of control, Rupee falling; it was a real panicky situation. "Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%, said Finance Minister Arun Jaitley 

Here are the LIVE updates of the crucial press brief by FM Arun Jaitley:

1. Excise duty to be reduced by Rs.1.50 & OMCs will absorb 1 rupee. So, a total of Rs.2.50 will be reduced on both diesel and petrol:  Finance Minister Arun Jaitley 

2. We are writing to the state govts that as the central govt is cutting Rs 2.50 on both petrol & diesel, they do the same 

3. Rs 10,500 Crore will be the impact of excise duty cut this year 

4. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%

5.  Expect Rs 5 cut in petrol, diesel prices likely in many states 

6. Center asks states to match Rs 2.50 cut. Total Rs 2.50 relief on fuel prices by Centre. Rs 1 cut in prices by oil companies

7. Excise duty on fuel cut by Rs 1.50. Global crude Oil prices rising at an alarming rate

8. Have cut down government borrowing. Have made announcements restricting imports

9. Markets are in Red. India's domestic indicators are strong

10. USA increasing interest rates. All these are having an impact on the market