India Inc. gives thumbs to excise duty cut
extension
26/06/2014 16:53
India Inc. has cheered the NDA government’s decision to extend the cuts on excise duty on automobiles, consumer and capital goods, a move which may provide further impetus to demand and consumption in Asia’s third biggest economy, which has expanded below the 5 per cent level for the past two fiscals. The Modi-led NDA government doled out a much needed pre-budget cheer for the economy as it decided to extend the cut on excise duties on automobiles, consumer durables and capital goods by another six months. The move may boost corporate sentiment and bolster growth and industrial production. The extension of excise duty cuts up to December 31, 2014 is welcome news for the automobiles and consumer durables sector which have been under the grip of a severe slowdown as high interest rates and elevated inflation force many buyers to postpone purchases of these big-ticket items. "We hope that further extension will be considered by the government keeping in view the negative growth in Automobiles as well as Capital Goods Sectors during the financial year 2013-14," CII Director General Chandrajit Banerjee said. Industry bodies say that the extension of excise duty cuts is a sign that the Modi government is serious about accelerating manufacturing growth in the country.
26/06/2014 16:53
India Inc. has cheered the NDA government’s decision to extend the cuts on excise duty on automobiles, consumer and capital goods, a move which may provide further impetus to demand and consumption in Asia’s third biggest economy, which has expanded below the 5 per cent level for the past two fiscals. The Modi-led NDA government doled out a much needed pre-budget cheer for the economy as it decided to extend the cut on excise duties on automobiles, consumer durables and capital goods by another six months. The move may boost corporate sentiment and bolster growth and industrial production. The extension of excise duty cuts up to December 31, 2014 is welcome news for the automobiles and consumer durables sector which have been under the grip of a severe slowdown as high interest rates and elevated inflation force many buyers to postpone purchases of these big-ticket items. "We hope that further extension will be considered by the government keeping in view the negative growth in Automobiles as well as Capital Goods Sectors during the financial year 2013-14," CII Director General Chandrajit Banerjee said. Industry bodies say that the extension of excise duty cuts is a sign that the Modi government is serious about accelerating manufacturing growth in the country.
