Real-time Stock quotes, portfolio, LIVE TV and more.
Jan 09, 2013, 08.03 PM IST
India''s automobile exports fell by 2.92 percent year-on-year at 21,86,834 units during April-December 2012 due to demand slowdown in global markets.
During April-December 2011, the country had exported 22,52,688 units.
While releasing the figures today, Society of Indian Automobile Manufacturers (SIAM) President S Sandilya said reduction of drawback rates and withdrawal of Duty Entitlement Pass Book (DEPB) scheme impacted shipments.
The government "has reduced the drawback rates for commercial vehicles (CVs), two and three wheelers from 5.5 percent to 2 percent in October 2012. This had negative impact on exports especially of CVs and two wheelers," he said.
The 14-year-old DEPB, the popular tax refund scheme for exporters, ended in September 2011.
He asked the government to take steps like restoration of duty drawback to boost the exports.
Besides, he also asked for a cut in the interest rates to boost the manufacturing sector which in turn will help auto exports.
Exports of CVs, three wheelers and two wheelers fell by 4.76 percent, 20.88 percent and 2.79 percent respectively during the nine months of the current fiscal.
However, in December 2012, shipments of passenger vehicles, two and three wheelers segment grew by 31.59 percent, 9.36 percent and 4.63 percent, respectively, while CVs shipment declined by 25.79 percent, SIAM said.
May 20 2013, 23:30
- in World News
May 20 2013, 12:21
- in Commodities