Pawan Munjal wants the excise duty cuts to be extended till March
Snapshot: Welcoming Arun Jaitley's decision of extending the excise duty cut on automobile sector, Hero MotoCorp's MD and CEO said that it should have been extended till March
Almost a week ago, the government had extended the interim excise duty concessions for the automobile manufacturers in India till December which gave some relief to the two-wheeler market which finally saw some growth after a poor show in last two years.
Speaking on this, Mr. Pawan Munjal, MD and CEO, Hero MotoCorp said, "Excise duty cuts should have been extended till March. The need of the hour is a long-term, consistent excise policy. The auto sector still continues to be sluggish. Sub-normal monsoon is likely to dampen demand in rural areas."
The duty cuts were announced in the interim budget in February and would have expired on June 30 which would have resulted in price hike of all the motorcycles. In the automobile sector, two-wheelers were the only thing that registered a growth.
Excise duty on small cars, scooters, motorcycles and commercial vehicles had been reduced to 8 per cent from the earlier 12 per cent in the interim Budget.
We think you'd like...