In the backdrop of cement players refusing to cut prices, Finance Minister P Chidambaram on Saturday asked India Inc to look beyond their balance-sheets and play a role in helping the government ensure macro economic stability.Without mentioning the cement sector, the Finance Minister asked the industry in general to recognise their role "beyond balance sheets" in macro economic stability.
At the India Today's Conclave in New Delhi, he said core inflation was affecting macro-economic stability. "I have said this before and saying this once more that please don't allow core inflation to be entrenched," he said.
Chidambaram said the latest figures of inflation show that while the pace of price movement has been going down for primary articles and fuels, power and lighting group, those for manufacturing products is moving up.
Latest official data showed inflation rate unchanged at 6.46 per cent for the week ended March 10. "Therefore, it is in industry's long-term interest to play a role in macro economic stability," he said.
Earlier this week, the Finance Minister had met cement manufacturers to convince them to moderate prices. However, cement players categorically said that there is no scope for reducing prices at the present juncture, according to sources.
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