“Tyre exports from India went up by 50 per cent last year and we are likely to close the ongoing financial year with nearly 15 per cent growth,” Automotive Tyre Manufacturers’ Association (ATMA) said in a statement quoting Sharma.
He was speaking at the ATMA Partners’ Summit 2023.
ATMA, citing Ministry of Commerce data, said tyre exports from India during the April-December period of FY23 went up by 15 per cent at Rs 17,816 crore as against Rs 15,507 crore in the year-ago period.
What has helped the Indian tyre industry maintain growth momentum, both domestically and in the export markets, is the “consistent support by raw material partners who have stood steadfastly with the industry at a time when supply chains got disrupted earlier due to Covid and then due to geo-political concerns”, Sharma said.
Despite the challenges to the global economy due to recessionary conditions, rising interest rates and political turmoil, which has led to slowing of external demand, Indian tyre exports have held on their own, he asserted.
Further, he said auto OEMs (Original Equipment Manufacturers) are expecting tyres makers to contribute in a very significant way to meet regulatory demands over noise front and rolling resistance among others and “it is imperative for the tyre industry’s supply chain partners to enable the industry to meet these requirements”.
“Tyre Industry in India that has completed an investment of over Rs 35,000 crore in new capacity creation and debottlenecking in the last three years is poised to meet the demands of a growing economy,” Sharma added.