Bicycles to Cost More

NEW DELHI, India (Mar 3) The Indian bicycle industry has hinted at a marginal increase of 1.5-2 % in the prices of bicycles following re- imposition of 5% custom duty on melting steel scrap. In the Budget presented on Tuesday by Finance Minister Chidambaram, the government re-imposed 5% customs duty on melting steel scrap, which was withdrawn in 2004-05.