CICU to FM: Cut excise duty on automobile, components to 8%
- Elections 2014 LIVE: TMC calls IIM graduates to write blogs for the party; SP, BJP hand in glove in communalising elections, says Beni Prasad
- Narendra Modi not my protege, a brilliant events manager: L K Advani
- Pakistan bike-snatchers turned terrorists for IMâs âjihad liteâ
- Solicitor General Mohan Parasaran holds AAP govt Reliance FIR illegal
- India vs Sri Lanka Live Cricket Score: Asian giants battle it out for T20 supremacy
The Chamber of Industrial and Commercial Undertakings (CICU) has sent a memorandum to Finance Minister P Chidambaram, saying the need of the hour is to strengthen the automobile sector that is the mainstay of the industrial economy and has been contributing significantly towards the gross domestic product and generation of employment avenues.
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.
- Rahul slams BJP over corruption and communalism
- BJP welcomes tacit support of DMK chief's son Alagiri
- Ram temple matter of faith for BJP; focus on development issues: Uma Bharti
- Congress policies promoting growth of communal forces: Sitaram Yechury
- All Muslim bodies supporting Congress: Chidambaram
- No alliance with Congress in 5 assembly seats: Lalu Prasad Yadav
- Babri Masjid demolition sting: BJP questions timing, asks EC to stop telecast
- Apmaan ka badla lena hoga: Amit Shah in Muzaffarnagar | The Indian Express
- Arvind Kejriwal punched during roadshow in Delhi, AAP supporters thrash attacker
- Sentencing in Shakti Mills gang-rape case likely today, convicts may get death