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New Delhi, Nov. 16 The Government must reduce excise duty to enable industry to reduce prices and thereby help stoke demand in the economy, the Chairman of Bajaj Auto, Mr Rahul Bajaj, said here on Sunday.

He also called for a pro-growth policy approach from the Government as against the current seemingly focused attention towards inflation control.

“We have been talking of imported inflation for the last six months or so. Now the oil prices have come down. It is time we look at growth. There has to be further reduction in repo rate, CRR, even reverse repo and SLR,” Mr Bajaj said at the India Economic Summit 2008.

Mr Bajaj also called for more fiscal stimulus to give further boost to infrastructure in the country.

On the suggestion from the Government that industry should reduce prices rather than cut production or shed jobs in a difficult economic situation, Mr Bajaj said that the Government must help in the price cuts through excise duty reduction. “Indirect taxes need to be reduced. Excise duty has to be reduced wherever elasticity of demand is over one,” Mr Bajaj noted.

More Stories on : Excise and Customs | Automobiles | Bajaj Auto Ltd

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