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Right time to buy cars, bikes
NEW DELHI, MAR 1 (AGENCIES):
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Published on 2 Mar. 2011 12:04 AM IST
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Car and two-wheeler manufacturers have heaved a sigh of relief after Finance Minister Pranab Mukherjee proposed to maintain the excise duty at present levels while inviting companies to step up investments in the sector.
The Indian automotive market, the second-fastest growing in the world, recorded a 31% jump in sales (14.82 million units) last year, leading market watchers to believe that excise duty could be restored to its earlier levels, stated Business Standard.
Excise duty on compact and large cars, utility vehicles, two-wheelers and CVs was raised by 2% last year following robust growth in automotive sales in the previous year.
Keeping in mind the high base of last year, the Society of Indian Automobile Manufacturers expects sales to grow 15% to more than 17 million units.
Maruti Suzuki Chairman R C Bhargava said, “It’s definitely a positive move by the finance minister to keep the excise duty unchanged. A rate increase, coupled with steeper interest rates and high inflation, would have hurt demand as there would have been far less disposable income in buyers’ hands.”
Mukherjee, in his speech said, he had chosen not to raise the excise duty as this would mean improved business margins resulting into better investment rates and also because of the upcoming goods and services tax.

 
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