New Delhi, Nov 18: After taking a call on interest rates of banks, Finance Minister, P Chidambaram has now called upon the automobile manufacturers, realty firms and airlines to reduce prices. The Finance Minister on Tuesday, Nov 18 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.
The Minister has also promised to cut excise duty 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.