Tuesday, 18 November 2008

FM asks airlines, auto & realty firms to cut rates

New Delhi, Nov 18 (PTI) Calling auto-makers, realty firms and airlines to reduce rates, Finance Minister P Chidambaram today promised to consider excise duty cut for sectors that are facing the heat of the global financial meltdown.
"Hotels must cut tariffs; airlines must cut prices; real estate must cut rates of apartments and homes they sell; car makers and two-wheeler makers must cut prices," he said, while addressing industrialists at the India Economic Summit organised by the World Economic Forum and the CII here.

His suggestions were aimed at stimulating consumer spending, a slowdown in which has eroded the output of manufacturing and other sectors with negative implications for economic growth.

The Finance Minister also promised to examine the possibility of excise duty cut, if required.

"Any sector faces problem. I am open to examining suggestions on cut in excise duty rates," Chidambaram said.

India, he said, will record satisfactory growth in the current fiscal and the Gross Domestic Product (GDP) growth rate will bounce back during the next year. PTI

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