India Boosts Tyre Mfg, Restricts Imports

New Delhi, India - With the strategy to curb imports and boost domestic companies, the government has restricted imports of tyres including radial and tubeless, utilized for cars, buses, lorries, motorcycles, station wagons, racing cars, scooters, multi-cellular polyurethane tubeless tyres, and bicycles. Imports of tyres were worth approx. `19,880 crore in 2019-20, as against approx. `25,218 crore in 2018-19.

Prior to the arrangement and new rules notified by an amendment in the import policy of pneumatic tyres by the Directorate General of Foreign Trade (DGFT) under the Union Commerce Ministry, imports of tyres were permitted with no limitations. Any goods under the restricted category mean an importer would require a licence or permission from the DGFT for imports. Given the procedures and permissions, these measures have the effect to discourage imports.

The government’s recent ‘Aatmanirbhar Bharat’ pitch and ‘Go Vocal for Local’ slogan, along with Indian tyre manufacturers demand for restrictions on imports from China and other destinations, aims to make India self-sufficient, boost domestic manufacturing, and enhance employment opportunities in the post-Covid phase.

 
Source: Magic Wand Media

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