The Indian government announced Feb. 24 it would reduce the excise on a range of consumer products from 10% to 8% in order to stimulate demand and boost the economy.
Apollo Tyres is passing on the benefit of the lower excise duty as of Feb. 25 on all its replacement market commercial radial and cross ply tyres. “We should all support this proactive move by the government, which will boost the manufacturing as well as other sectors,” said Onkar S. Kanwar, Apollo Tyres chairman and managing director. “We, on our part, will be passing on this reduction to our customers.”
JK Tyre & Industries has cut truck tyre prices up to 1.5%, the third price reduction the company has announced within a three-month period. Ceat Ltd. has also announced price reductions, while as of Feb. 25 MRF has yet to make a decision regarding cuts. (Tyres & Accessories/Stafforsdshire, U.K.)