Govt will look into local market slump NEW DELHI, February 6 (Reuters): Indian government will look into what it can do after a slump in local market reflecting global sell off, the finance secretary said on Tuesday. Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley. Adhia said the local markets are mimicking global weakness, “but the government will look into what it can do”. Indian shares on Tuesday slid more than 3 percent and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of a central bank meeting this week and a new capital gains tax later in the year. India sees no scope for more excise duty cut on petrol, diesel for now NEW DELHI, February 6 (Reuters) : India has no immediate plan to further cut factory gate tax on petrol and diesel due to its tight fiscal situation, a finance ministry source said on Tuesday. India had cut factory gate tax on the two fuels by 2 rupees ($0.0311) a litre each last week while presenting the federal budget, but it did not result in lower retail prices as new taxes were added. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for about up to 50 percent of the pump prices.
