Government imposes curbs on import of certain tyres to promote domestic players1 min read . Updated: 13 Jun 2020, 09:50 AM IST
Certain new pneumatic tyres have been put in restricted category which means an importer would now require a licence or permission from the DGFT for imports.
- The government is taking steps to promote domestic manufacturing and reduce import bill of non-essential goods.
The government on Friday imposed curbs on imports of certain new pneumatic tyres used in motor cars, busses, lorries and motorcycles in a move to promote domestic manufacturing.
"Import policy of new pneumatic tyres..is amended from free to restricted," the Directorate General of Foreign Trade (DGFT) said in a notification.
Putting the goods under restricted category means an importer would now require a licence or permission from the DGFT for imports.
Earlier, the import of these tyres were allowed without any restrictions.
The decision assumes significance as domestic tyre manufacturers have been demanding restrictions on imports. The industry has time and again raised concerns over rising imports of tyres from countries like China.
The restriction was on tyres used in station wagons, racing cars, scooters, multi-cellular polyurethane tubeless tyres, and bicycles.
Imports of these tyres were worth USD 260.72 million in April-February 2019-20 as against USD 330.72 million in 2018-19.
The government is taking steps to promote domestic manufacturing and reduce import bill of non-essential goods. The country's imports dipped by about 10 per cent to USD 467 billion in 2019-20.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.