India, March 28 -- Welcoming the Government of India's decision to reduce excise duty by Rs 10 per litre on both petrol and diesel with immediate effect, Dr Vijay Kalantri, Chairman, World Trade Center Mumbai and President, All India Association of Industries, said that the move reflects a bold and timely intervention to protect the Indian economy and consumers amid global volatility.

"The Government has taken a conscious decision to absorb a significant fiscal impact estimated at around Rs 1.7 lakh crore annually to shield citizens from a sharp rise in fuel prices. At a time when global fuel prices have increased significantly by 30-50% across South and South-East Asia, around 30% in North America, and nearly 20% in Europe, India has ma...