Global tyre makers like Michelin, Bridgestone and Goodyear have earmarked investments of more than Rs 1,100 crore in India, after the Department for Promotion of Industry and Internal Trade temporarily allowed them to import some tyres to India, PTI reported.
The official noted that import restrictions on ‘New Pneumatic Tyres’ have been eased for a few global players keen on importing some tyres from their factories overseas into India, PTI noted.
Imports have been permitted for a short while by the DPIIT, basis the concerned firm’s agreement to invest and establish or further augment manufacturing facilities in India for the products in question for a specified time period, PTI noted.
Other applications from global tyremakers are also being considered in this initiative, PTI noted.
The official further informed the publication that DPIIT has requested other ministries as well to encourage local manufacturing of sectors that fall under their purview, as has been done with tyres and toys.