Heavy Industry Minister Praful Patel on Thursday asked for a cut in excise duty on commercial vehicles as part of a stimulus package to revive the sector.
“It is very important that we have stimulus package for the entire automobile industry. All segments of the industry are facing slowdown. In some cases, even a reduction in the figures of production. So, this is not a happy sign. “I am talking to the Finance Minister and have spoken to him and will be further meeting him over the next few days to seek what best we can do. It is important, not only from excise point of view but also looking at various ways,” Patel told reporters at the Auto Expo here.
Patel has written to the Finance Minister to cut the excise duty on commercial vehicles from 12 per cent to 8 per cent immediately. Annual car sales in India declined for the first time in 11 years in 2013, posting a 9.59 per cent dip as the auto industry reeled under a prolonged demand slump.