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CareEdge Research Report
The automobile industry's domestic sales grew 6.9% sequentially in May 2022 as the reduction in excise duty on fuels improved demand sentiment.
The government on May 21, 2022, cut excise duty on petrol and diesel by Rs 8 and Rs 6 per litre, respectively. On a YoY basis, the growth was largely on account of the low base effect as the year-ago period was hit by the second wave of Covid-19.
Exports during the month fell 2.4% YoY amid global uncertainties.
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