Rajya Sabha Member and Bajaj Auto Chairman Rahul Bajaj today said Finance Minister P Chidambaram's suggestion to India Inc on cutting prices can only be implemented if interest rates fall.
Reacting to Chidambaram's speech at the ongoing India Economic Summit today, Bajaj said "Industry does not have a magic wand to cut prices. What needs to be done is to make lending rates by banks cheaper. Banks are not lending to customers".
Chidambaram had asked the Indian industry to cut prices and learn to live with lower margins levels, in order to increase consumer spending.
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