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FM asks auto cos, realty firms to cut prices

November 18, 2008 10:57 IST

Calling upon the automobile manufacturers, realty firms and airlines to reduce prices, Finance Minister P Chidambaram on Tuesday promised to consider excise duty cut for the sectors which are facing the heat of 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 Indian Economic Summit being organised by the World Economic Forum and the CII in New Delhi.

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.

Global meltdown: Complete coverage

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