Global Tyre Makers Invest Rs 1,100 Crore in India's Manufacturing Sector

Leading tyre manufacturers like Bridgestone, Michelin, and Goodyear have pledged over Rs 1,100 crore in India after DPIIT temporarily eased import restrictions. This initiative aims to augment domestic manufacturing capacities. Additional applications are under review. DPIIT urges other ministries to adopt similar measures to boost local manufacturing.

Leading global tyre makers such as Bridgestone, Michelin, and Goodyear have committed investments worth over Rs 1,100 crore in India, following the DPIIT's temporary relaxation of import restrictions on specific tyres, an official stated.

The DPIIT's move allows these companies to import certain tyres into India, contingent upon their investment commitments to establish or expand manufacturing facilities within the country.

This initiative has attracted significant investment promises and is currently evaluating further applications from other global players. The DPIIT is also encouraging other ministries to take similar steps to promote domestic manufacturing across various sectors.

(With inputs from agencies.)