Chennai, March 1:
Welcoming the budget announcement of Rs.14,000 crore investment in the road sector, completing 100,000 km of roads and sanctioning construction of another 100,000 km, a leading tyre manufacturer also called for correction of the duty structure for the industry.
In a statement issued here, Raghupati Singhania, chairman and managing director, JK Tyre and Industries Ltd said an outlay of Rs.14,000 crore in road sector and completing one lakh km of roads currently under construction and sanctioning another one lakh Kms will help boost the demand in tyre sector.
“However, the tyre industry was expecting correction in inverted duty structure in tyre sector which has been omitted. Import duty on rubber is one of the highest in India,” he said.
He hoped the inverted duty structure would be corrected given the fovernment’s emphasis on manufacturing.
Singhania said either the import duty on natural rubber be reduced or the duty on tyres should be increased. IANS