Finance Minister P Chidambaram today, 18 November 2008, said the government may consider cutting excise duty on some items as a part of efforts to boost factory output and lift economic growth. But he said companies in the real estate, airline, hotel and two-wheeler sectors must cut prices to boost demand.India's economy is slowing down after growing at an annual rate of 9% or more in the past three years.
The economic growth slumped to 7.9% in the April-June 2008 quarter from 9.2% in the same period last year. The Reserve Bank of India has downgraded its growth forecast to 7.5% to 8% for the current financial year. Some private sector economists expect an even lower rate of growth.
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