New Delhi – The government of India has restricted imports of pneumatic tires into the country in a bid to boost domestic production.
The new policy ‘restricts’ imports of tires in all categories and requires importers to obtain permission or licence from the Indian commerce ministry, according to a notification published by trade authority, directorate general of foreign trade (DGFT), 12 June.
The move covers passenger car, truck & bus, motorcycle and bicycle tires and includes radial and tubeless products.
The import of such products were free prior to the amendment. Given the procedures to acquire licence or permission, the restriction measure aims to dissuade importers.
Imports of the listed tires stood at $260.72 million (€230 million) in April-February 2019-20, down from $330.72 million in the same period in 2018-19, according to Business Insider.