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    FICCI and CII welcome govt's move to reduce excise duty on fuel, say will help bring down inflation

    FICCI and CII welcome govt's move to reduce excise duty on fuel, say will help bring down inflation

    FICCI and CII welcome govt's move to reduce excise duty on fuel, say will help bring down inflation
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    By CNBCTV18.com  IST (Published)

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    The Federation of Indian Chambers of Commerce & Industry (FICCI) and Confederation of Indian Industry (CII) both issued statements welcoming the Centre's move of reducing excise duty on petrol and fuel. They said it would help reduce inflationary pressure.

    The Federation of Indian Chambers of Commerce & Industry (FICCI) and Confederation of Indian Industry (CII) on Sunday welcomed the Central government's announcement of reducing excise duty on petrol and diesel.
    On Saturday, the Union government decided to reduce the central excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.
    "FICCI welcomes the series of measures announced including excise duty cuts in petrol, diesel & custom duty reductions on intermediaries. We thank the Prime Minister and the Finance Minister providing much needed relief to both, the common man & industry," FICCI President Sanjiv Mehta said.
    He said these steps would not just bring down the inflationary pressure, but would also ensure that the industry continued to remain competitive.
    The CII also issued a statement saying it welcomed the government's move to cut excise duty on fuel, which would help bring down inflation levels.
    "The government’s swift action shows its intent to bring down the burden on the common man, in addition to bringing down input cost for many sectors. We are happy that government action comes within days of CII making this suggestion and we do hope that following the Centre, state governments will also respond in the same manner, bringing further relief," the statement added.
    Last week, CII President Sanjiv Bajaj had said that reduction in taxes on petrol and diesel should be done by the Centre and states in a collaborative manner. He had said that the government had increased the taxes on diesel and petrol at a time when the crude oil price in the international market was low and it was required for the same to be reversed.
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