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Article: FM announces excise duty cuts to boost manufacturing.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- February 29, 2008
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FM announces excise duty cuts to boost manufacturing
New Delhi, Feb 29 (PTI) To spur manufacturing, hit by rising interest rates, the government today proposed two per cent cut in excise duty from 16 per cent to 14 per cent on all goods, besides giving further duty concessions to specific sectors like auto and pharma.
"The manufacturing sector is the backbone of any economy. It is consumption that drives production and it is production that drives investment...I believe there is a need to give a stimulus to the manufacturing sector," Finance Minister P Chidambaram said while presenting the General Budget for 2008-09 in Parliament today.
Besides ...