Indian Tyre Exports To Surpass INR 12,000 Crore This Fiscal Year
Automotive Tyre Manufacturers Association (ATMA) has said in a statement that tyre exports from India have been witnessing growth since 2015 and are expected to surpass the INR. 12,000 crore mark during the current fiscal year. As per the data from the Ministry of Commerce for the six months of 2018 (till September), the tyre exports from India stood at staggering INR. 6,314 crore.
As per Anant Goenka, Chairman of ATMA, the tyre exports continued to rise in the current year in continuation to the previous two years. The USA is the largest importer of the Indian manufactured tyres that accounts for 13 percent of the total tyre export, Germany is the second largest importer with over 7 percent. The Indian manufactured tyres are exported to over 100 countries in the world.
The tyre industry has made investments to support automobile growth and economic growth. With an investment of INR. 51,000 crore, projects are currently lined up in both brownfield and greenfield expansion or are completed by industry.
Mr. Goenka also added that India has some best radial tyre manufacturing facilities and international vehicle majors are rolling out vehicles on India made tyres which have helped in improving tyre exports. Customisation and cost efficiency have also helped in making exports competitive.
ATMA has pointed out that the industry has the potential to increase its export turnover immensely if a level playing field is granted matching other tyre manufacturing countries. It is also pointed out that high import duty on natural rubber and reduction in export obligation period against import ranging from 6 to 18 months are roadblocks in tyre exports.