Tyre industry exports up 12% in send-half of FY24
ECONOMY & POLICY

Tyre industry exports up 12% in send-half of FY24

The tyre industry is optimistic about its growth prospects, with exports experiencing a 12% increase in the second half of FY2023-24, according to tyre makers. Arnab Banerjee, Chairman of the Automotive Tyre Manufacturers? Association (ATMA), expressed this sentiment during a press conference held in Kochi, along with Rajiv Budhraja, ATMA's Secretary-General, and R. Roopesh, the convenor of the Supply Chain and Resources Group.

ATMA anticipates robust long-term growth for India's tyre industry due to expanding domestic and international markets, coupled with continued government investments in infrastructure. Banerjee, the newly elected Chairman, aims to double the industry's turnover from Rs 1 trillion over the next decade, noting the widespread demand for Indian tyres in over 170 countries.

Citing data from the Commerce Ministry, Banerjee highlighted a significant recovery in tyre exports during the latter half of FY2023-24, witnessing a 12% increase in value. Despite slowdowns in advanced economies, geopolitical uncertainties, and inflationary pressures, the total tyre exports for the fiscal year matched the previous year's figure of Rs 231.25 billion, totalling Rs 230.73 billion. Notably, tyre exports have nearly doubled in the last four years, surging from Rs 128.44 billion in FY20 to Rs 230.73 billion in FY24.

The United States remains the largest market for Indian tyres, accounting for 18% of total tyre exports in FY24. Banerjee emphasised the potential for further export growth if certain obstacles, particularly those related to accessing Natural Rubber (NR), are addressed. Restrictions on NR imports, including pre-import conditions and shortened export obligation periods, hinder operations and impact export performance. Banerjee suggested restoring the export obligation period from 6 to 18 months to alleviate these challenges.

Furthermore, Banerjee highlighted the industry's substantial investments of around Rs 230 billion in greenfield and brownfield capacities over the past 3-4 years. Despite challenges, the industry remains ahead of the demand curve in meeting both domestic and export requirements.

(Source:Hindu Businessline)

The tyre industry is optimistic about its growth prospects, with exports experiencing a 12% increase in the second half of FY2023-24, according to tyre makers. Arnab Banerjee, Chairman of the Automotive Tyre Manufacturers? Association (ATMA), expressed this sentiment during a press conference held in Kochi, along with Rajiv Budhraja, ATMA's Secretary-General, and R. Roopesh, the convenor of the Supply Chain and Resources Group. ATMA anticipates robust long-term growth for India's tyre industry due to expanding domestic and international markets, coupled with continued government investments in infrastructure. Banerjee, the newly elected Chairman, aims to double the industry's turnover from Rs 1 trillion over the next decade, noting the widespread demand for Indian tyres in over 170 countries. Citing data from the Commerce Ministry, Banerjee highlighted a significant recovery in tyre exports during the latter half of FY2023-24, witnessing a 12% increase in value. Despite slowdowns in advanced economies, geopolitical uncertainties, and inflationary pressures, the total tyre exports for the fiscal year matched the previous year's figure of Rs 231.25 billion, totalling Rs 230.73 billion. Notably, tyre exports have nearly doubled in the last four years, surging from Rs 128.44 billion in FY20 to Rs 230.73 billion in FY24. The United States remains the largest market for Indian tyres, accounting for 18% of total tyre exports in FY24. Banerjee emphasised the potential for further export growth if certain obstacles, particularly those related to accessing Natural Rubber (NR), are addressed. Restrictions on NR imports, including pre-import conditions and shortened export obligation periods, hinder operations and impact export performance. Banerjee suggested restoring the export obligation period from 6 to 18 months to alleviate these challenges. Furthermore, Banerjee highlighted the industry's substantial investments of around Rs 230 billion in greenfield and brownfield capacities over the past 3-4 years. Despite challenges, the industry remains ahead of the demand curve in meeting both domestic and export requirements. (Source:Hindu Businessline)

Next Story
Infrastructure Transport

CPCL crosses $10 million revenue milestone

Chaitanya Projects Consultancy (CPCL), a leading infrastructure and engineering consultancy, has surpassed $10 million in annual revenue for FY 2024–25, marking a five-year compound annual growth rate of 28.2 per cent—well above the industry average. Established in 2004, CPCL has delivered over 300 projects across highways, bridges, urban infrastructure, water, transport, and environmental sectors. Its achievements include over 600 km of six-lane highways, 2,000 km of national highways, and 100 major bridges. “Our goal has always been to improve India’s infrastructure,” sai..

Next Story
Resources

KPIL secures new orders worth Rs 37.89 billion

Kalpataru Projects International Ltd (KPIL), a major EPC player in power transmission and civil infrastructure, has secured new orders worth approximately Rs 37.89 billion along with its international subsidiaries. The orders include a significant contract in the Buildings and Factories (B&F) segment in India, marking KPIL’s largest B&F order to date. The project involves the development of over 12 million sq ft of residential space with supporting infrastructure, awarded on a design-build basis. Additionally, the company has won new transmission and distribution (T&D) order..

Next Story
Real Estate

Apartment loading rises to 40 per cent in top cities

Driven by rising demand for premium amenities, the average apartment loading across India’s top seven cities has reached 40 per cent in Q1 2025, up from 31 per cent in 2019, according to ANAROCK Research. The loading factor, or the area paid for beyond the usable carpet area, covers common spaces such as lobbies, staircases, and clubhouses. Mumbai Metropolitan Region (MMR) continues to lead with the highest loading at 43 per cent. Bengaluru saw the sharpest jump, from 30 per cent in 2019 to 41 per cent in Q1 2025. Chennai recorded the lowest average loading at 36 per cent. “Sixty..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?