ENA Sectors 2024-07-19 16:38:29 <p><span style="font-size:14px"><strong>New Delhi, Jul 19 (KNN)</strong> In a significant development for India's manufacturing sector, leading global tyre manufacturers have committed investments exceeding Rs 1,100 crore following a temporary relaxation of import restrictions by the Department for Promotion of Industry and Internal Trade (DPIIT).</span></p> <p><span style="font-size:14px">According to a government official, companies such as Bridgestone, Michelin, and Goodyear have pledged substantial investments to expand their tyre manufacturing capabilities in India.</span></p> <p><span style="font-size:14px">This move comes after the DPIIT allowed these firms to import specific tyres from their overseas factories into the country.</span></p> <p><span style="font-size:14px">The import relaxation was granted on the condition that these companies would establish or expand their manufacturing facilities in India within a specified timeframe.</span></p> <p><span style="font-size:14px">The initiative aims to boost domestic production while leveraging global expertise.</span></p> <p><span style="font-size:14px">The DPIIT is currently evaluating additional applications from other international players under this scheme.</span></p> <p><span style="font-size:14px">Concurrently, the department has urged other ministries to implement similar measures to promote domestic manufacturing in their respective sectors, citing successful examples from the toy and tyre industries.</span></p> <p><span style="font-size:14px">Potential policy instruments suggested by the DPIIT include adjustments to customs duty rates, implementation of non-tariff measures such as Quality Control Orders (QCOs), and incentives for developing the manufacturing ecosystem.</span></p> <p><span style="font-size:14px">The department's approach draws inspiration from its successful initiatives in the toy sector, where focused measures led to a 227 per cent increase in India's toy exports and a 37 per cent decrease in imports over the past decade.</span></p> <p><span style="font-size:14px">These efforts have also significantly improved toy quality, with 84 per cent of toys now conforming to quality standards in 2023, compared to 33 per cent in 2019.</span></p> <p><span style="font-size:14px">As India continues to strengthen its manufacturing capabilities, these strategic policy interventions are expected to attract further investments and enhance the country's position in global supply chains.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38656 https://knnindia.co.in/news/newsdetails/sectors/global-tyre-giants-pledge-over-rs-1100-crore-after-dpiits-import-relaxation 2024-07-19 16:38:29 knnindia.co.in