Import duty cuts will check inflation: official

April 7th, 2008 - 4:31 pm ICT by admin  

New Delhi, April 7 (IANS) Import duty cuts on a slew of food products would bring down the soaring inflation significantly, a senior commerce and industry ministry official said Monday. “The duty cuts would bring down inflation,” Ajay Shankar, secretary, Department of Industrial Policy and Promotion (DIPP), said adding that the government is keeping a tight vigil on the prices of steel and cement.

India’s annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, indicating sky-rocketing prices of essential commodities.

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