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Bicycles to Cost More

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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, […]

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on Tuesday by Finance Minister Chidambaram, the government re-imposed 5% customs duty on melting steel scrap, which was withdrawn in 2004-05.

“The price of bicycles will certainly increase around 2% on account of the levy of 5 % custom duty on scrap announced in this budget, as it will directly impact our input cost,” Satish Dhanda, president, Indian Bicycle Manufacturers Association said hoping that the industry will go for revision of prices within a month.
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