Latest News | Tyre Exports at Rs 23,073 Cr in FY24

New Delhi, Jun 11 (PTI) The total tyre exports from India during 2023-24 stood at Rs 23,073 crore, matching previous year's figure on the back of a sharp recovery in the second half of the fiscal, the Automotive Tyre Manufacturers' Association (ATMA) said on Tuesday.

In the first half of the year, tyre exports were severely impacted by falling demand in view of slowdown in advanced economies, geopolitical uncertainties and inflationary pressures, the industry body said in a statement.

Also Read | List of Prime Ministers of India: From Jawaharlal Nehru To Narendra Modi, Know Brief History of All Leaders Who Held PM Post.

"Tyre exports from India made a sharp recovery in the second half of FY2023-24 and went up by 12 per cent in value terms against the year-ago period," ATMA said citing data released by Ministry of Commerce.

The total tyre exports from India during FY2023-24 stood at Rs 23,073 crore matching previous year's figure, it added.

Also Read | Congress Passes Resolution to Make Rahul Gandhi Leader Of Opposition in Lok Sabha: What is LoP? What Are the Privileges Associated With the Post? All You Need to Know.

"The resurgence witnessed in tyre exports in the second half of the year despite a tough external environment is a testament to the resilience of the Indian tyre industry to ride through challenging times and carve a niche for itself," ATMA Chairman Arnab Banerjee said.

It also points to the compelling value proposition offered by Indian tyre manufacturers on quality which is being appreciated globally, he added.

ATMA said with a turnover of approximately Rs 90,000 crore and exports of over Rs 23,000 crore, the Indian tyre industry is one of the few manufacturing sectors having a high export to turnover ratio.

At present, Indian tyres are exported to over 170 countries in the world, including advanced markets such as the US and EU countries.

It further said the improvement in economic activity worldwide offers a unique opportunity for Indian tyre manufacturers.

Stating that the India tyre Industry has the potential to significantly increase exports in the next three to four years and reinforce the country's position as a key player in the global market, ATMA called for removal of certain roadblocks, especially with regard to accessing natural rubber.

The tyre industry needs to adhere to pre import conditions for natural rubber import against (tyre) export obligation. This makes the operations very constrictive and affects export performance, it said.

"The export obligation period needs to be restored to 18 months. The export obligation period (for tyres) was reduced from 18 to 6 months a while ago making it tough for the industry to access a raw material which is in short supply domestically," ATMA said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)