Tweet
Bicycle manufacturers in India have decided to increase prices of cycles by 4-5% within the next fortnight due to Budget 2013 not meeting their expectation.
Manufacturers were expecting incentives for production and a reduction in excise rates. But these expectations did not materialize. They have not increased prices in the last 10 months, even though prices of raw materials, labour, overheads etc has gone up. The price hike was being held off, because of the expectations from Budget 2013.
The United Cycles and Parts Manufacturers Association (UCPMA), had met PM Manmohan Singh before the budget to present their demands. The association is again planning to meet the PM to ask for a rollback in excise duty.
Manufacturers also want an anti-dumping duty on cycles and spares coming in from China, as a lot of them are suffering losses, due to the heavy influx of cheap chinese parts.
Onkar Singh Pahwa, MD, Avon Cycles -
Gurmeet Singh Kular,President, UCPMA -
Source: Budget 2013: Bicycle prices set to go up by 4-5%, say manufacturers - The Economic Times
Manufacturers were expecting incentives for production and a reduction in excise rates. But these expectations did not materialize. They have not increased prices in the last 10 months, even though prices of raw materials, labour, overheads etc has gone up. The price hike was being held off, because of the expectations from Budget 2013.
The United Cycles and Parts Manufacturers Association (UCPMA), had met PM Manmohan Singh before the budget to present their demands. The association is again planning to meet the PM to ask for a rollback in excise duty.
Manufacturers also want an anti-dumping duty on cycles and spares coming in from China, as a lot of them are suffering losses, due to the heavy influx of cheap chinese parts.
Onkar Singh Pahwa, MD, Avon Cycles -
"We will increase bicycle price by 4-5 per cent,"
"We were waiting for the budget. The bicycle industry was expecting that the Budget will bring some relief in shape of withdrawal of excise duty on bicycle. But it did not happen. So, we have now left with no option except to raise bicycle rates,"
"We will again meet Prime Minister and urge him to withdraw the excise duty on bicycle,"
Comment