The following is excerpted from the 3 December 2013 edition of Business Standard Limited.
India's motor vehicle exports to Europe, including passenger cars, are likely to be hit badly from January next year when the European Union raises customs duty for import of vehicles from 6.5% to 10%, engineering exporters' body EEPC India has said.
The motor vehicle exports, which currently stand at $1 billion or Rs 6,300 crore, "will be severely affected due to increased competition from other auto exporting countries," EEPC India Chairman Anupam Shah told PTI.
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