Leading global tyre makers like Bridgestone, Michelin, and Goodyear have pledged to invest over Rs 1,100 crore in India. This commitment came after the Department for Promotion of Industry and Internal Trade (DPIIT) allowed them to import certain types of tyres temporarily.
An official explained that the DPIIT relaxed import rules on specific new pneumatic tyres for these companies. In return, the companies agreed to invest in setting up or expanding their manufacturing facilities in India within a set timeframe.
This initiative has already secured over Rs 1,100 crore in investments from Bridgestone, Michelin, and Goodyear to enhance their tyre manufacturing capabilities in the country. Additional applications from other global tyre manufacturers are being reviewed.
The DPIIT is encouraging other ministries to promote domestic manufacturing in their sectors, following the successful examples set by the toy and tyre industries. The department suggests using existing policies to boost local production.
The DPIIT’s efforts in the toy industry, including raising customs duty and implementing quality control measures, have led to a 227% increase in toy exports and a 37% decrease in imports over the past decade. Other sectors are now being urged to adopt similar strategies to enhance domestic manufacturing.
The Department for Promotion of Industry and Internal Trade (DPIIT) is a government body in India that works to promote industrial growth and enhance trade. It focuses on formulating and implementing policies to encourage investment in various sectors, both domestic and international.
DPIIT plays a crucial role in creating a favorable business environment by addressing issues related to industrial development and internal trade. It also works on initiatives to boost manufacturing capabilities, improve ease of doing business, and attract foreign direct investment. By collaborating with other ministries and stakeholders, DPIIT aims to drive economic growth and development across the country.
