News Article

Indian Bicycle Exports to Plunge

Industry- & Retail Organizations

LUDHIANA, India (Jan 17) – Bicycle and component exports from India are likely to see a sharp decline on account of the lowering of duty drawback rates, industry experts said. “Because of the lowering of duty drawback rates on bicycle export last year, the total bicycle export from the country would restrict to just € […]

LUDHIANA, India (Jan 17) – Bicycle and component exports from India are likely to see a sharp decline on account of the lowering of duty drawback rates, industry experts said. “Because of the lowering of duty drawback rates on bicycle export last year, the total bicycle export from the country would restrict to just € 112 million by the end of this fiscal as compared to the total bicycle export of € 168 million in the corresponding period,” said Indian Bicycle Manufacturer Association president Satish Dhanda.
Along with the duty draw back rates, which were reduced in the month of May last year and then again revised in November last, consistent appreciation of rupee against dollar was another reason which would adversely impact the bicycle export. Bicycle manufacturers have asked the government to provide a tax relief to boost the vehicle’s domestic demand.

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