Govt to announce sops for tyre industry next monthSeptember 13th, 2010 - 5:43 pm ICT by IANS
New Delhi, Sep 13 (IANS) The government is likely to lower import duties on rubber to help the tyre industry, which is facing cost pressure because of a supply crunch of raw materials.
“We will try to sort out the problems in a month,” Commerce Secretary Rahul Khullar said Monday.
He said the government would announce a series of measures, including restructuring of duties, to help the industry.
“We are aware of the problems and trying to sort it out. But I can’t give you all the details now,” Khullar told reporters on the sidelines of a CII event.
India tyre industry has been requesting the government to make rubber imports duty free as gap between domestic and international prices of rubber has widened.
India currently levies 20 percent import duties on rubber.
Most tyre companies are incurring huge losses because of the erosion in margin.
– Indo-Asian News Service
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