India cuts duties on cars, phones

India's Finance Minister Palaniappan Chidambaram has cut indirect taxes on cars and mobile phones in an attempt to boost economic growth. Mr Chidambaram unveiled the move as he presented the interim budget ahead of this year's general elections. In his speech he expressed concerns over the health of the manufacturing sector and rising food prices. However, Mr Chidambaram added that the economy had stabilised and was showing signs of a turnaround. "Our objectives were fiscal consolidation, reviving growth cycle, and enhancing manufacturing," he said, according to a news agency.