New Delhi: Finance Minister P Chidambaram on Tuesday said the Government would take steps to stimulate the economy and the rupee would strengthen again once capital starts flowing in.
Speaking at the World Economic Forum’s India Summit, Chidambaram said Indian economy would bounce back and would record a “very satisfactory” growth this fiscal.
"We will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy," he told the World Economic Forum's India Summit.
Calling upon the automobile manufacturers, realty firms and airlines to reduce prices, Chidambaram also 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.
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.
Chidambaram added the country could miss its annual export target of $200 billion for this fiscal year as the slowdown in developed nations trims overseas demand.
Highlights of FM's address:
- India to record very satisfactory growth this fiscal; growth will bounce back next year.
- We will continue to strike a balance between growth and inflation but the bias now is towards stimulating growth.
- Any sector faces problem, I am open to examining suggestions on cut in excise duty rates.
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