CICU to FM: Cut excise duty on automobile, components to 8%
Avtar Singh and Upkar Singh, general secretary and joint secretary of CICU respectively, have urged the Finance Minister to slash excise duty on automobile and components from 12.36% to 8%. They have also requested the minister to initiate appropriate measures to provide respite to this sector.
Upkar Singh said consumer sentiments remained subdued, leading to 13% fall in car sales in January this year.
In exports too, there were worrisome signs with overseas sales of auto components manufacturers expected to decline by a whopping 25% to around $5.5 billion in the current fiscal year.
The auto components industry employs one million people directly and another one million indirectly.
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