Government has extended excise duty concession given to automobiles, capital and consumer goods for six months till the end of this year.

Briefing reporters in New Delhi today, Finance Minister Arun Jaitley said extension of excise duty cut will reduce revenue in short term, but benefit economy in the long run.

The government had cut excise duty on cars, SUVs and two-wheelers as well as consumer durables in the Interim Budget in February this year to help the industry tide over a demand slump. The concession was to expire on 30th of this month.