India considering higher duties for imported tyres

The 2020 Budget that India is scheduled to present on 1 February is expected to include changes to basic customs or import duty on more than 300 products. Tyres are one of them, and prices for tyres imported into India may soon rise dramatically. In its recommendations to the country’s Ministry of Finance, India’s Commerce and Industry Ministry has proposed increasing customs duty on pneumatic tyres, now 10-15 per cent, to 40 per cent.