Fmcg Majors Slash Prices In Response To Budget

Led by fast-moving consumer goods multinationals, corporate India greeted the 1997-98 budget by slashing prices of their products yesterday, the first full working day after the week-ends budget euphoria.

Hindustan Lever, Colgate-Palmolive and Procter & Gamble all announced yesterday that they are passing on the excise benefits to consumers. Godrej-GE, the refrigerator and washing machine producer too declared it was cutting prices, while colour television companies are slated to announce a Rs 300-400 price drop on their products by Friday. In contrast, however, steel makers are gearing up to hike prices of hot rolled coils in April.