Indian Tyre Manufacturers Lobby Against Liberalisation through FTAs

ENA Sectors 2024-05-21 13:57:52 New Delhi, May 21 (KNN) The Automotive Tyre Manufacturers' Association (ATMA) has stated that India has sufficient domestic tyre manufacturing capacity and imports should not be liberalised through duty concessions in free trade agreements (FTAs). In a submission to the government regarding sectors where India can be self-reliant, ATMA highlighted that the domestic tyre industry is among those capable of meeting demand without requiring imports. India's tyre industry is one of the largest globally, with an annual production exceeding 200 million units across vehicle categories like two-wheelers, passenger vehicles, commercial vehicles, and off-road vehicles. Despite having adequate manufacturing capacities, tyre imports worth over Rs 2,000 crore occurred in the first three quarters of the current financial year, a 27 per cent increase from the previous year. ATMA Chairman Arnab Banerjee stated that the industry has invested over Rs 35,000 crore in capacity expansion, technology upgrades, and R&D over recent years. He emphasised that the domestic industry can meet all requirements for vehicle manufacturers. The tyre sector employs over 5 lakh people directly and indirectly. Moreover, over 10 lakh rubber growers depend on the industry that consumes 70 per cent of India's natural rubber production. ATMA asserted that prioritising domestic tyre manufacturing can strengthen India's global leadership in the sector while generating employment, promoting sustainability, and driving economic growth. (KNN Bureau) 37889 https://knnindia.co.in/news/newsdetails/sectors/indian-tyre-manufacturers-lobby-against-liberalisation-through-ftas 2024-05-21 13:57:52 knnindia.co.in Indian Tyre Manufacturers Lobby Against Liberalisation through FTAs