 "Remove anomaly of inverted duty structure: Dr Raghupati Singhania")
The industry is looking forward to the Budget with great hope and expectations. We expect positive announcements by the Finance Minister to give the much needed impetus to the tyre industry, which has been suffering for some time, more so in November.
As spike in rubber prices in India touches a two-and-a-half-year-high, removal of the anomaly of inverted duty structure for domestic players remains the top priority for providing a level-playing field, which is in keeping with the spirit of Make in India.
We are also hopeful that Arun Jaitley will take cognisance of the uninterrupted dumping of cheap Chinese tyres coming into India at 25 to 30 percent lower prices, and accounts for over 40 percent of the replacement market for truck/bus radials.
This is causing great harm to the huge investments made by the Indian tyre industry in the recent past. This needs to be addressed by imposing necessary anti-dumping duty, which will go a long way, not only for the betterment of the industry but also the economy at large.
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Dr Raghupati Singhania is the chairman & managing director, JK Tyre & Industries Ltd
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