New Delhi: The Left parties today (Nov 24, 2004) asked the Government to reduce prices of LPG and diesel and restore 9.5 per cent interest rate on Employees Provident Fund (EPF).

At the fourth UPA (United Progressive Alliance) Government-Left coordination committee meeting, the Left parties also raised reviewing of certain provisions of the Electricity Act, 2003 and proposed amendment to the Patents Act, Finance Minister P Chidambaram and CPM (Communist Party of India-Marxist) leader Sitaram Yechury told reporters after the two-and-half hour meeting.

Prime Minister Manmohan Singh, UPA chairperson Sonia Gandhi, Defence Minister Pranab Mukherjee, CPM general secretary Harkishan Singh Surjeet, CPI (Communist Party of India) general secretary A B Bardhan among others were present at the meeting.

Asked as to what was the outcome vis-a-vis the issues raised by the Left Parties, Yechury and Chidambaram said "appropriate committees of the Union Cabinet will take decisions".

Chidambaram said during the meeting the Prime Minister had apprised the Left parties about his visit to Jammu and Kashmir and the North East.

The Finance Minister said views were exchanged at the meeting and the Government has taken note of it.

However, he sidestepped questions on whether there would be a further duty cut on petro products to stem inflation.

At the Editors Conference, Chidambaram had said the Government would take further measures, if necessary, and also put the onus on the States to slash sales tax on petroleum products to moderate inflation, now at 7.76 per cent.

The meeting also discussed the roadmap to implement notification of Foreign Direct Investment in Indian private sector banks.

Chidambaram had favoured creeping acquisition whereby the foreign banks could pick up 10 per cent annually to stake management control in private sector banks.

On the wage negotiation settlement reached between the Indian Banks Association and the unions yesterday, Yechury said Left Parties welcome the agreement and compliment the Centre for playing a "helpful" role.

As per the agreement, bank employees would get a 13.25 per cent hike in their salary aggregating Rs 2,200 crore after IBA inked the pact with nine unions.