Indian car prices poised to drop about five pct

Newswire

NEW DELHI, Feb 28 (Reuters) - Indian carmakers were poised to cut prices by about five percent after the 03/04 federal budget cut excise duty on Friday, fueling prospects of a demand surge in the small but potentially fast-growing industry. Finance Minister Jaswant Singh cut excise duty or production tax on cars, utility vehicles and tyres to 24 percent from 32 percent as part of an overall tax reform plan as well as reduced the peak rate of customs duty to 25 percent from 30. India, a ...

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