Government issues new guidelines for tyre manufacturers
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.
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).
Presently, import authorisations 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.
The move comes as the Indian tyre industry experiences a surge in demand for both domestic sales and exports, driven by an increase in vehicle ownership and the rising mobility and industrialisation.
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