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Siam against government's EU car plan

Automobile industry body, the Society of Indian Automobile Manufacturers (Siam), today hit out at the government for discouraging manufacturing of big cars in India by increasing excise duty while preparing to allow import of the same from Europe at a much lower duty. Siam said, while the government has increased excise duty on big cars to up to 27 per cent in the Budget, it is considering cutting import duty on such cars from Europe to as low as 10 per cent under the India-EU Free Trade Agreement (FTA). “We are faced with a higher excise duty on cars other than small cars ostensibly ...