Tata Motors-owned Jaguar Land Rover (JLR) has seen a 15.8 per cent hike in car exports from the UK to India in 2016, riding on the wave of growing number of "affluent buyers" in the country, according to the latest UK automotive industry figures.
India had exported 2,68,863 units in the same period of last fiscal, 2014-15. According to Society of Indian Automobile Manufactures (SIAM), during April-September, 2015-16, the largest car exporter from the country Hyundai Motor India saw 13.91 percent drop in car exports to 83,522 units from 97,021 units in April-September period of 2014-15.
Passenger car exports from India increased 34.16 per cent in May, riding on the back of robust overseas sales by Hyundai Motor, Nissan Motor and Toyota Kirloskar in non-European countries.
The government is planning to replace the Duty Entitlement Pass Book (DEPB) scheme with the duty drawback scheme, which is originally established to roll out next month-end. Sources in the government indicate that new duty drawback rates may be 1-3% lower than DEPB rates, reports CNBC-TV18's Aakansha Sethi.