Automotive Tyre Manufacturers' Association (ATMA) stressed the fact that a better focus on infrastructure, including road infrastructure with the help of higher budget allocations and also setting up the economy of the sectors which have been affected by the COVID-19 pandemic, will be beneficial.
According to ATMA, allocating Rs.18k crore to support the growth of the public-bus-transport services will indeed have a positive effect on the tyre sector too. ATMA says that infrastructure growth will benefit the tyre sector largely.
“Government’s reconsideration of Custom Duty Policy aimed at promoting domestic manufacturing is a highly welcome move. Inverted duty structure in the tyre industry has created an uneven playing field and we look forward to the new customs duty structure which will be put in place by October 2021”, said K M Mammen, Chairman ATMA.
It was added that a dedicated Development Finance Institution DFI has been an important move at the juncture of the rising of infrastructure funding which requires a long-term commitment. In this regard, the launch of the National Asset Monetisation Pipeline will augment the revenues of the government to fund new infra projects. Tyre industry is all set with increased capacities to aid in the infra development, added Mammen.
Also See:What Do Tyre Industries Demand From Union Budget 2021?
Headquartered in New Delhi (India), Automotive Tyre Manufacturers’ Association (ATMA) is amongst the most active and well known national industry bodies in the country. Being a representative body of eleven large tyre companies in India accounting for over 90% of tyre production, ATMA has been accorded the coveted status of the true voice of the Indian tyre industry.
ATMA works towards promoting and safeguarding the interests of the tyre industry in India primarily by acting as a conduit between the Government and the industry.
The Association strives to be an active participant in policy making process and holds frequent meetings with the Government departments to discuss the challenges being faced by the industry in the ever-changing economic environment.
The Association acts as the industry’s interface with the media, opinion leaders, NGOs and other industry associations around the world so as to present the perspective of the Indian tyre industry on different issues.
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