No proposal to cut import duty on crude: FM

The Finance Minister P Chidambaram today announced that the rupee movement is a function of capital inflow and outflow.

There is scope for significant cut in cement prices, he said. He said, "I do think there is scope for significant reduction in cement prices, so let us see what the final outcome of the discussions being held by the governement and the cement industry are."

But there is no proposal to cut import duty on crude, he informed, because "meagre reduction in the import duty on crude oil has no impact on administered prices."

There is neither a steel ministry proposal for an export duty rollback.