Major tire companies are investing in India

Leading global tire manufacturers, such as Bridgestone, Goodyear and Michelin, have pledged to invest over 11 billion rupees ($130 million) in India after the country's Department for Promotion of Industry and Internal Trade (DPIIT) temporarily eased import restrictions for them, local media report.

The DPIIT says that the import curbs on new pneumatic tires have been eased for several major players interested in supplying products to India from their overseas plants, provided they commit to increasing their capacity in the country within a set timeframe.

"As part of this initiative, leading global tire industry players such as Bridgestone, Michelin, and Goodyear have taken investment commitments of over 11 billion rupees to develop/expand their tire manufacturing facilities in India," the department noted, adding that similar applications from other major manufacturers are currently being considered.

It is also reported that the DPIIT has urged other agencies to take steps to promote domestic manufacturing in their respective sectors, just as it has already been done for tires and toys.

India restricted tire imports in 2020 as a measure to promote local manufacturers.