FKCCI hailed the Centre’s move to cut petrol and diesel prices and other decisions taken to bring down inflation.
“The cut in excise duty on fuel announced by the Union Finance Minister will help to rein in inflation and hopefully the state will take the cue from the Centre,” said CA Dr I.S. Prasad, President, FKCCI. “We are grateful to the Centre for heeding our plea to lower fuel prices and also moderate the soaring raw material prices. The customs duty cut on raw materials and intermediaries for plastics products, levy of export duty on some steel products to bring down cost of end products, and measures to reduce cost of cement through better logistics will give much needed succour to the industry. Taken together, these decisions will definitely succeed in bringing down the inflation by a few notches so as to give visible relief to the businesses as well as the common man.”
FKCCI also suggested that in line with the view of certain experts, the Centre should actively take steps towards better synchronization between the monetary policy and the fiscal policy of the government.