Newdelhi:1/8/2 3:The Indian tyre industry has been witnessing a rise in the demand for production of tyres for export and domestic sales. The increasing ownership of vehicles aids the tyre industry. There is also a surge in demand for tyres for trucks and buses owing to the rising mobility and industrialization. Research and Development (R&D) and the launch of advanced and eco-friendly tyres also aids the market growth for tyres.
Presently, import authorizations for new pneumatic tyres have been placed under ‘Restricted Category’ in terms of Notification No. 12/2015-2000 dated 12-06-2020 issued by the Directorate General of Foreign Trade (DGFT) and hence, the importers have to apply for Import Licence for tyres covered under the aforesaid Notification.
Considering the overall growth of tyre Industry in India, the Ministry of Commerce and Industry has proposed fresh guidelines for tyre manufacturers; committing to invest in India in brownfield or greenfield projects for manufacturing tyres, falling under the Restricted List. Specific details are available with the concerned Division of Department for Promotion of Industry and Internal Trade (DPIIT).