Satish Sharma, President, ATMA

Satish Sharma, Chairman, Automotive Tyre Manufacturers Association of India, on Tuesday said that India’s tire exports are expected to increase by 15 percent in the current fiscal. He said the rapid integration of Indian tires into the global supply chain with the help of India’s globally harmonized regulatory environment has increased its potential market.

In a statement, the Automotive Tire Manufacturers Association (ATMA) quoted Sharma as saying, “Last year, India’s tire exports grew by 50 percent, and are expected to grow by around 15 percent by the end of this fiscal.”

He was speaking at the ATMA Partners in Summit 2023.

Citing data from the Ministry of Commerce, ATMA showed that India’s tire exports grew by 15% to Rs 17,816 crore in April-December 2023, compared to Rs 15,570 crore in the same period last year.

The Indian tire industry has been able to maintain its growth momentum in both domestic and international markets because of the “continued support of raw material partners, who have supported the industry even after the initial COVID-19 and subsequent geopolitical disruptions in the supply chain.” “This is a problem,” Sharma said.

He asserted that India’s tire exports have remained stable despite global economic difficulties and slowing external demand due to recession, rising interest rates and political instability. He also said that Original Equipment Manufacturers (OEMs) are expected to contribute significantly to help tire manufacturers meet regulatory requirements for leading edge noise and rolling resistance. This is “critical for supply chain collaboration in the tire industry.” These requirements are being met.

Sharma “The Indian tire industry has completed over 35,000,000 investments in the last three years Rs. billion for building new capacity, removing bottlenecks, and is expected to meet the needs of a growing economy.”

Blood.