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Industry Must Pass On Duty Cuts To Consumers, Says Indian PM

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

30 April 2008


India's Prime Minister, Dr Manmohan Singh, on Tuesday called on businesses to take steps to absorb the rise in input costs in order to maintain price stability.

Speaking to the Annual General Body meeting of the Confederation of Indian Industries (CII) in New Delhi, the Prime Minister said that industry must also pass on the benefits of tax and duty cuts to consumers.

“The prospects for domestic growth remain good if we can ensure price stability that will help sustain the growth momentum,” he observed.

The Prime Minister reiterated that the Government is fully aware of the challenges ahead, and has taken several steps to reverse the recent spurt in prices.

“I am confident that we will be able to moderate the price rise,” he added.

Dr. Singh also called upon industry to make commitments for sustained growth of productivity and innovation as an integral part of the philosophy of corporate management.

“It will help our firms, it will help the Indian consumer,” he argued.


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