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India’s automotive tyre manufacturing sufficient- imports unnecessary: ATMA
Industry News- May 22,24
The Indian tyre industry is fast converging with the world on several counts.
The Automotive Tyre Manufacturers’ Association (ATMA) has highlighted the automotive tyre sector as a prime example of domestic manufacturing potential that can mitigate the need for imports. In response to the government's inquiry on areas of self-reliance, ATMA emphasised India's robust domestic tyre industry, which annually produces over 200 million units for various vehicle categories including two-wheelers, passenger vehicles, commercial vehicles, and off-road vehicles.
Despite substantial domestic manufacturing capacity, tyre imports worth over Rs 20 billion were recorded in the first three quarters of FY24, marking a 27% increase compared to the previous year.
“Over the last few years, the tyre sector has witnessed substantial investments, by leading manufacturers allocating over Rs 350 billion towards capacity expansion, technology upgrades, and research and development. As the new capacities go on stream, it is important to meet the demand from domestic manufacturing rather than importing tyres”, said Arnab Banerjee, Chairman, ATMA.
Employing over 500,000 people directly and indirectly, the domestic tyre industry significantly contributes to livelihoods, including over 1 million rubber growers dependent on the sector, which consumes over 70% of domestic natural rubber. Moreover, the industry is undergoing a transformative phase with the integration of Artificial Intelligence (AI) and Digitisation, aligning Indian tyre manufacturing with global standards.
Investment in research and development has surged, with major tyre companies now allocating about 1.5% of revenue to R&D, marking a significant increase from previous levels. This convergence with global standards underscores the industry's commitment to innovation and adaptation to emerging technologies.
(Source: BusinessLine)
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