Agent JK Tires CHINA TYRE DEMAND JK Tyres Chairman and Managing Director Raghupati Singhania said the domestic market is expected to remain strong as the automotive sector continues to hit new highs amid a positive economic environment. Strong Gross Domestic Product (GDP) The government’s focus on infrastructure development is expected to boost growth in the automotive and tire sectors, a senior industry leader said in an ongoing interview with PTI. He said, “We believe that domestic demand will continue to be strong due to good macroeconomic factors, infrastructure investments and overall favorable economic environment.” Explaining some of the positives, Singhania said that freight traffic has remained stable, favoring the commercial vehicle segment. He also pointed out that strong GDP growth and more disposable income have helped increase vehicle purchases. Singhania said, “As a result, we expect demand for cars and tires to increase.” He said more an...

KOCHI: The tire industry has said that the RTAs in India have negatively impacted its business due to limited raw material imports and a large number of tires entering the country as a direct result of these agreements. The basic tariff on tires is 10%, but under various trade agreements, the tariff on tires can increase from 0% to 8.6%, increasing tire imports into India. However, the Automotive Tyre Manufacturers Association (ATMA) said in the Finance Ministry’s budget memorandum that the inclusion of natural rubber in the negative list (there is no tariff relief in most trade agreements) has had a two-way impact on the tire industry. Under the ASEAN Free Trade Agreement (AFTA), India-Sri Lanka, India-Singapore or India-Malaysia Trade Agreements, natural rubber is included in the negative list, which means there is no tariff relief. On the other hand, India-Sri Lanka and India-Singapore can import tires duty free, while ASEAN FTA can be exempted from 6% duty and APTA can be e...