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| Elusive efforts on economic tsunami | | | | There was an indication that fuel prices may be cut down towards the end of December but there is nothing much promising in the statements as this has not been made first time. The Prime Minister and the Petroleum Minister have earlier been categorical that there cannot be any cut in the fuel prices till oil companies stabilize their economies. The major oil companies are reportedly bleeding red due to the global recession or meltdown. There are wider ramifications of the meltdown but a common man gets relief only when oil prices are slashed as prices of almost all commodities are influences by fuel prices involved in transportation. Finance Minister, P Chidambaram once again directed the companies to cut prices of goods to combat economic tsunami, but argument has been started as the issue is not digestible for the industrialists. Earlier the Prime Minister had called to overcome the slowdown, but no effect was seen in the market. The owners of Real Estate, Airlines and steel industries etc, ruled out such a proposition. The public is fed up of continuous rise in prices of essential articles. In such circumstances the Finance Minister should reduce prices of petro products, because after taking this step fall in prices in foodgrains and other commodities would be possible. Oil companies should also reduce diesel and petrol prices as continuous fall in crude oil prices has been registered. Union government should take strict steps in such tough times. Raid is necessary to check black marketing. However, the government has taken steps at several levels to combat crisis, but it is insufficient. Industrial sector should think about national interest in comparison to their own benefits. Chidambaram has made commitment to reduce customs duty, rate of interest on loans and other facilities. In this connection the industrial sector should not hesitate. It is the result of positive attitude of the government that 12 per cent reduction has been given after 17 per cent cut off in the prices of Aviation Turbine Fuel(ATF). Many industrialists including Bajaj Auto Chairman, Rahul Bajaj demanded axing in rate of interest in CII summit. The Finance Minister however did not give any assurance on it. Government has already reduced rate of interest. It would not be fair to place the banking sector on bet, so RBI is taking steps very carefully. The industries should co-operate with the government and only then it can concentrate on public welfare schemes. The industrialists would have to be liberal for social balance and public interest then the government could implement public welfare policies. The government should reduce prices of oil, power, real estate etc. According to Hero Honda chairman, Munjal, later the prices of automobile products could be reduced. Government and industrialists need to think seriously on these issues. |
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