|
Export sops extended to auto sector |
 |
In a bid to boost automobile exports, the Union Government on Thursday last extended incentives to the sector by adding cars and two-wheelers of certain specifications under the market linked focus products category. Items of high export intensity but low penetration in particular countries enjoy the benefit of import duty credit equivalent to 1.25 per cent of the freight-on-board value of exports under the market linked focus products category.
The Directorate General of Foreign Trade said passenger cars with engine capacities of up 1,500 cc have been placed under the market linked focus products category for exports to countries including Russia, Singapore, the Philippines, Pakistan, Saudi Arabia, the UAE and Turkey.
The notice also said two-wheelers, including mopeds, not exceeding engine displacement of 500cc have also been extended the export benefit for shipments to Nigeria, Indonesia, Kenya, Tanzania, Mexico, Singapore, South Africa and Egypt.
The announcement comes after Commerce and Industry Minister Kamal Nath’s assurance earlier this month at the annual convention of the Society of Indian Automobile Manufacturers that the Government was looking to give a boost to the sector by putting it under the focus market scheme.
|
