Remove anomaly of higher customs duty on inputs by cutting the customs duty on natural rubber, other inputs and on tyre manufacturing machinery and / or hike in customs duty on tyres.
The Tyre Industry is one of the industries that have been majorly affected by the global economic meltdown.
The Indian tyre industry is net exporter and is currently improving on the radialization particularly in the truck and bus tyre segment.
Industry experts are demanding a change in the inverted duty structures this Budget to boost domestic industries.
The total turnover of tyre industry covering 36 companies stood at Rs 22500 crore.
Industry seeks cut in customs duty on natural rubber.
The tyre industry has urged the Central Government for recast of India's Free Trade Agreements
Presently, customs duty on natural rubber, the principal raw-material for tyres is 20 per cent, whereas the customs duty on tyres (the finished product) is 10 per cent, or even lower depending upon preferential/concessional tariff under various regional/bi-laterial trade agreements.
For kids in the United States, the tariff imposed by the Donald Trump administration on countries like China may no longer be a child's play, as toy prices are predicted to touch record highs this Christmas season. However, for India's toy export industry, which was ready to take giant strides in the sector by bagging heavy orders from the US retail giants like Walmart, Amazon, and Target Corporation, gaining from the China-Plus-One policy, the US tariffs came as a heavy jolt.
Domestic tyre demand is seen to grow by 7-9 per cent over the next five years.
The move will primarily impact luxury car companies like Mercedes Benz, BMW, Audi and Volvo and bike brands like Triumph and Harley Davidson.
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
Large trade deficit and rupee decline against the US dollar are putting pressure on the CAD, and these steps are likely to have a positive impact on the external sector.
Finance Minister Arun Jaitley is expected to present the Budget for 2014-15 in July.
External commercial borrowings to the extent of USD 1 billion to be allowed for aviation sector for next year.
Four per cent countervailing customs duty on components for mobile phone manufacturing exempted.
According to industry sources, domestic toy manufacturers are seeing a sharp rise in sales during the current financial year. On January 1, 2021, India had banned the sale of toys that are not certified by the Bureau of Indian Standards (BIS). This meant that all factories churning out toys to be sold in India had to be certified by the bureau along with mandatory product testing, including for units abroad.
Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
The Chinese dependence is far from over, industry players are also citing a shortage of electronic toys in the country.
Jaitley's fifth Budget has provided little relief to the middle class.
During 2013-14, imports from Japan, South Korea and Malaysia stood at $9.49 billion, $12.47 billion and $9.21 billion respectively.
Making a debut in India with an SUV, Citroen's products in the next couple of years will clearly chart and define its destiny in what has become both a vibrant but also a daunting market for foreign entrants, says Pavan Lall.
The traffic tells a story. During the lockdown, it took 45 minutes to zip through the deserted 35-km stretch from Chennai to reach the automobile heart of Sriperumbudur-Oragadam, where the big names of the car industry - Hyundai Motor India, Renault-Nissan India, Daimler India Commercial Vehicles, Apollo Tyres, and Royal Enfield - are based.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
There are times when a customer books a cab and is charged for the ride, but the driver doesn't show up. It is one of the many hacks that cab drivers use.
The 2015 Toyota Fortuner is just a minor update.
The future of Indian Grand Prix might be uncertain after this year's race but host Jaypee Sports International Limited's CEO Sameer Gaur says the country will not lose the Formula One event and will surely have two more races.
Does Hero MotoCorp's first ever 125 cc scooter do enough to stand out in the ever-growing 125cc scooter segment?
Thanks to a well-sorted chassis and Renault's motor, the car induces confidence in the driver to take it for a faster spin
