The construction equipment (CE) industry hailed the two per cent cut in excise duty announced by Finance Minister P Chidambaram in the interim budget. However, the industry said a 4 per cent reduction in the duty would have been more apt given the size and importance of the segment. The Indian Construction Equipment Manufacturers Association (iCEMA) said the move would certainly help this important industry that helps build infrastructure and is down by over 30 per cent in the last couple of years. Excise duty on capital goods which includes bulldozers, graders, road rollers and consumer durable goods has been proposed to be lowered to 10 per cent from 12 per cent. The rates are effective up to 30 June 2014. The Finance Minister in his budget speech said, ?To encourage domestic production of specified road construction machinery, I propose to withdraw the exemption from CVD on similar imported machinery.?