Chidambaram to India Inc: Don't hike prices

Finance Minister P Chidambaram today asked the industry to hold the price line to help the government contain rising inflation.

"I will urge the industry to hold the price line. I will ask them to co-operate in the fight against inflation," Chidambaram said in a customary post-Budget interaction with the industry.

He said inflation could be moderated through fiscal steps like duty cuts announced in the Budget yesterday, monetary steps undertaken by RBI and supply side augmentation.

Chidamabaram said supply side augmentation is where he needs industry support. "Supply side must be augmented and price line to the extent possible must be held," he said, adding that the spurt of inflation is not uncommon in India.