CII welcomes the announcement by the Finance Minister to further extend the stimulus provided on 17 February 2014 by way of reduction of excise duty upto 31 December 2014 on certain goods.  This would mean that the reduction in excise duty ranging from 3% to 6% on automobiles and 2% on capital goods, consumer durables as well as goods falling under chapter 84 and 85 of the Central Excise Tariff would continue for another six months i.e 1 July 2014 to 31 December 2014.

CII in its pre-budget Memorandum for 2014 – 15 has asked for extension of the stimulus package upto 31 March 2015 i.e the end of the financial year. We hope that further extension will be considered by the Government keeping in view the negative growth in Automobiles as well as Capital Goods Sectors during the financial year 2013-14.

New Delhi