Auto industry cheers as Chidambaram cuts excise duty
The automobile industry has had a really rough time in the last 21 months. Annual car sales in the country declined for the first time in 11 years in 2013, posting a 9.59 percent dip. And while the two-wheeler industry registered a marginal growth of 5 percent, the commercial vehicles industry has been down in the dumps. But now, thanks to P Chidambaram, the Union Finance Minister, the industry has something to cheer about. Here are the goodies in this year’s Union Budget:
* Excise duty on small cars/two wheelers/scooters/ commercial vehicles has been cut from 12 percent to 8 percent