UPDATE 1-Indian auto makers cheer tax cut plans

Newswire

(Adds detail, comments) MUMBAI, Feb 29 (Reuters) - Shares in Indian vehicle makers rose on Friday after the government proposed to cut excise duties in the fiscal year 2008/09, which analysts say will encourage demand, particularly for small cars. The finance minister proposed to cut excise duties on buses and chassis, as well as small cars, to 12 percent from 16 percent in his annual budget. He also cut duty on hybrid cars to 14 percent from 24 percent and on two- and three-wheelers ...

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