Coimbatore

CII welcomes cut in excise duty on petrol and diesel

The Confederation of Indian Industry (CII), Erode, has welcomed the Central government’s announcement on reducing excise duty on petrol and diesel.

In a release from Durai Palanisamy, Chairman, CII Erode Zone, and K. Sudhakar, Vice Chairman, thanked Union Finance Minister Nirmala Sitharaman for the recent announcements on reducing the excise duty on petrol by ₹8 per litre and on diesel by ₹6 per litre. The move will help various industries across the sector to reduce the transportation cost considerably as different manufacturing segments are scattered all over the country. These policy initiatives will help Indian industries to be the highly competitive manufacturer in the globe , the release added.

Erode District Small Industries’ Association (EEDISSIA) has also welcomed the government’s decision and said the move will help industrial growth. A release from the association said the move to reduce customs duty on raw materials will bring down the price of plastic, cement and LPG cylinder and will also help reduce inflation benefiting Micro, Small and Medium-scale enterprises (MSMEs) and entrepreneurs. The release said that a cut in diesel price will help in reducing the price of all commodities benefiting the people.

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Printable version | Jun 30, 2022 12:28:55 am | https://www.thehindu.com/news/cities/Coimbatore/cii-welcomes-cut-in-excise-duty-on-petrol-and-diesel/article65459613.ece