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DPIIT raises $1.4 billion in tyre investments from global players
Industry News- Jul 22,24
The DPIIT has also urged other ministries to take similar steps to promote domestic manufacturing in sectors under their purview, as has been done with toys and tyres.
The Department for Promotion of Industry and Internal Trade (DPIIT) has successfully attracted investments worth over Rs 11 billion from leading global tyre manufacturers Bridgestone, Michelin, and Goodyear. This follows DPIIT's temporary relaxation of import restrictions on specific types of tyres.
The DPIIT eased the import restrictions on 'New Pneumatic Tyres' for certain global players interested in importing specific tyres from their factories abroad into India. This temporary permission is contingent on the companies committing to set up or expand their manufacturing facilities in India within a specified timeframe.
"This initiative has seen investment commitments worth more than Rs 11 billion from leading global players like Bridgestone, Michelin and Goodyear for the development or expansion of their tyre manufacturing capacity in India," an official said.
Additional applications from other global players are currently being evaluated under this initiative.
The DPIIT has also urged other ministries to take similar steps to promote domestic manufacturing in sectors under their purview, as has been done with toys and tyres.
The department suggested that existing policy instruments could be utilised by line ministries and departments to develop domestic manufacturing capacities. These steps could include changes in custom duty rates, non-tariff measures such as Quality Control Orders (QCOs), and incentives to foster the manufacturing ecosystem.
Drawing from the DPIIT's successful initiatives in the toy and tyre sectors, the department advised other ministries to consider similar measures to boost domestic manufacturing in their respective product categories.
The DPIIT has seen notable success in the Indian toy industry through the implementation of tariff and non-tariff measures. Initiatives include raising the basic customs duty on toys from 20% to 70%, implementing the QCO, launching the National Action Plan for Toys (NAPT), and focusing on cluster development.
These efforts have led to a 227% increase in India's toy exports and a 37% decline in imports over the past ten years. Additionally, the quality of toys in the market has significantly improved, with over 84% of toys meeting quality standards in 2023, compared to 33% in 2019.
"These comprehensive efforts have positioned India as a supplier to global players like Walmart, Hasbro, Spinmaster, and Hamleys," the official added.
(Source: Rediff)
DPIIT
tyre
tyre manufacturing
toys
Hamleys
Department for Promotion of Industry and Internal Trade
Bridgestone
Michelin
Goodyear
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