Government to Extend All Help to industry
Thursday, November 20, 2008 at 12:20 pm under India News Government to Extend All Help to industry
Union Finance Minister, P Chidambaram said that government would take all possible steps to help industry in the hour of crisis. It has already taken many fiscal measures with the help of reserve bank to improve liquidity and increase demand for industry.
Parliament has approved Rs 1.05 lakh crore, besides Rs 6.5 lakh crore proposed in the budget in February. The finance minister also asked for price cut to boost demand amid global slowdown. He said that rupee condition would soon improve following steps taken by government.
However, Industry did not give positive response to FM’s suggestion. DLF chairman KP Singh demanded more credit and interest cut to save real estate sector from the impact of world financial crisis. He asked for cut in interest on home loans to about 7 percent to help consumers as well as real estate sector. Bajaj group chairman, Rahul Bajaj said that two-wheeler industry is operating at just 4-5 percent margin and there is no scope of price cut.
FICCI president Rajeev Chandrasekharn hailed the FM’s suggestion on price cut and said that industry should revise the business model of lower margin and higher volume. He, however, lamented for missing its annual export target of $200 billion for this fiscal due to slow demand in the market.
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