Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / News/  FM asks industry to hold price line
BackBack

FM asks industry to hold price line

FM asks industry to hold price line

Premium

PTI

New Delhi: Finance minister P Chidambaram today asked the industry to be more competitive and hold the price line.

“There is a lesson for the manufacturing sector. You have to become more competitive and hold the price line," Chidambaram said during his post-budget interaction with industry body Ficci, while pointing out that contribution of the manufacturing sector to inflation is not insignificant.

He said the industry would hurt itself in the long run if it exploits short term supply-demand mismatches.

When there are pressures brought on by growth and high commodity, oil and food prices in the world and slowing down of consumption, industry should rise to the occasion and become more competitive and more efficient to hold the price line, he said.

The finance minister in particular appealed to industries like pharma, two-wheelers, auto, buses, chassis and paper, which have benefited from deep fiscal cuts announced in the Budget to hold the price line and try to lower them if possible.

“Expand volume of production and gain in volume what you might lose in not increasing prices" he said.

Exuding confidence that demand will definitely rise in FY 2008-09, the finance minister said, it is for the industry to take a challenge and produce goods and services to meet the rising demand.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 05 Mar 2008, 12:28 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App