Indian government has announced new restrictions on import of certain pneumatic tyres for passenger cars, buses, lorries and motor cycles. The move is such that rules are amended from Free to restricted to encourage domestic manufacturing. Now, it means an importer has to acquire a license to import these tyres into India. Earlier, the restricted import of tyres was only on certain segments like bicycles, racing cars, scooters and station wagons.
The government is taking all 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.