Budget 2019: Tyre industry finds budget a mixed bag_Budget 2019: Tyre industry finds budget a mixed bag

Budget 2019: Tyre industry finds budget a mixed bag

May 30, 2024

Representative photo

KOCHI: The Automotive Tire Manufacturers Association (Atma) has welcomed the proposed reduction in corporate tax and increased investment in infrastructure, but said the industry’s major concerns have not been addressed.

The finance minister has proposed an investment of Rs 10 billion in the infrastructure sector over the next five years, which will boost the automobile and tire industry. According to Pradhan Mantri Gram Sadak Yojana III, 1.25 lakh roads will be upgraded in the next five years with a length of kilometers, which augurs well for the transport sector and automobile tire industry.

“The tire industry is actively pursuing reverse tariff adjustments such as raising import tariffs on finished products (tires) or lowering import tariffs on natural rubber (NR), a key raw material, and the budget is set to raise the basic tariffs on some automotive components. Over. ATMA president K M Mammen said he wants to raise tariffs on tires to counter the impact of cheap imports.

Butyl rubber imposes tariffs on the main raw material for tires. The tire industry without domestic production has grown by 5-10%. This will weaken the industry’s incentives and affect price competitiveness.

The automobile industry, which is going through a difficult time, is hopeful about the stimulus package. Financial assistance in the form of lower GST may help. Unfortunately, prices of gasoline and diesel are rising, which will increase the cost of ownership, especially for commercial vehicles.

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