Maruti Suzuki chairman RC Bhargava cryptically asked people to “wait a couple of days” to know whether his company will reduce prices of cars on the back of the government announcing an “early Diwali” for domestic companies.

On Friday, the government said it was moving to slash the corporate tax rate, a move that is the most high profile from the recent lot of economic reforms brought by the government to fix the ailing economy.

On Saturday, Maruti Suzuki chairman RC Bhargava took part in a panel discussion with several other business tycoons to discuss how to boost the Indian economy and counter the recent slowdown. The panel discussion was held at India Today Conclave Mumbai 2019.

Full Coverage of India Today Conclave Mumbai 2019

During the discussion, Niti Aayog CEO Amitabh Kant urged automakers to slash prices and revive demand. The auto sector has been among the worst affected industries with sales hitting historic lows.

When asked whether Maruti Suzuki would heed Kant’s recommendation and announce a slash in its prices, company chairman RC Bhargava initially refused to answer the question directly.

Bhargava said Maruti was already pricing its products reasonably, echoing Mahindra & Mahindra managing director Pawan Goenka who said that his company was already offering discounts of up to 20 per cent on its vehicles in order to boost demand.

However, when pressed about Maruti Suzuki’s plans about offering discounts and reducing prices, RC Bhargava said, “It[a slash in prices] is not something I can announce here… wait a couple of days and you’ll have the answer.”

RC Bhargava’s comments came at a time when the government has stepped up support to industries and has taken measures to boost liquidity in the market and increase demand. The government’s measures came after the GDP growth hit a six-year low of 5 per cent.

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