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Reacting to Finance Miniter P Chidambaram's call to various industries to lower prices to stimulate consumption, Hero Honda Motors Chairman Brij Mohan Lall Munjal said, "Price cuts are unlikely to spur deamand.
"Minimum wages are increasing, fuel price has increased and electricity prices have also increased, so how do we bring down the prices of our products?" Munjal was speaking to reporters on the sidelines of the India Economic Summit here.
Expressing similar sentiment, Volkswagen India Managing Director K K Swami said, "Price reduction can happen only when there is a reduction in the input cost." Globally, commodity prices have gone down but it has not been reflected in the input cost and most of the auto makers have long-term contracts to procure component from suppliers.
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