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India’s Tyre Exports Reach ₹23,073 Crore in Financial Year 2024

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Tyre exports from India recorded at ₹23,073 crore in FY24

In the latest news, the tyre industry in India saw a significant recovery in exports during the second half of FY2023-24, with a 12% increase in value compared to the previous year. According to the Automotive Tyre Manufacturers Association (ATMA), the total tyre exports from India for the fiscal year amounted to ₹23,073 crore, matching the previous year’s figure.

ATMA Chairman, Arnab Banerjee, attributed this resurgence in exports to the resilience of the Indian tyre industry and the high-quality value proposition offered by Indian manufacturers. The industry, with a turnover of approximately ₹90,000 crore and exports exceeding ₹23,000 crore, has a strong export-to-turnover ratio compared to other manufacturing sectors.

Indian tyres are exported to over 170 countries globally, including advanced markets such as the US and EU countries. The industry sees the improving economic activity worldwide as an opportunity to further increase exports in the coming years, solidifying India’s position as a key player in the global market.

However, ATMA highlighted certain roadblocks that need to be addressed to boost exports, particularly concerning the access to natural rubber. The industry called for the restoration of the export obligation period for tyres from 6 months back to 18 months, as the current conditions make it challenging to source the raw material in high demand globally.

With the potential for significant growth in exports over the next few years, the Indian tyre industry is looking to overcome challenges and capitalize on the global demand for high-quality tyres. The removal of certain obstacles, such as access to natural rubber, will be crucial in achieving this goal.

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