The finance minister Mr. P Chidambaram’s call to industries to cut prices is ridiculous. The oil prices going through the roof in the international market followed by the mortgage crises in the US has had a domino effect on the economies of all countries. As a result of rise in fuel prices in India, inflation and the stock market crash has broken the back of an average Indian family.

Although we can not blame the FM for the situation as it is a global matter, the FM could have and still can take some steps to provide relief to the common man. Cutting Service Tax from 12.36% to 10%, reduction of import duty on petroleum products and a 1% cut in Excise duty across the board will go a long way in alleviating the situation to some extent.

India’s economic growth is still at 7% which is much better than most countries. The government must give impetus to sustain this growth or else we too may face recession like the US.