Minister urges auto industry to tap EFTA investments
Auto component sector will achieve US$100 billion export target by 2030 while becoming one of the largest job creators in the country, Commerce & Industry Minister Piyush Goyal said while expressing confidence in the Indian economic growth commerce .
He made this statement at the 64th Annual Session of Automotive Component Manufacturers Association of India (ACMA) on 9 Sept in New Delhi, urging industry stakeholders to become the world leader compared to currently being the third largest auto market in the world .
Calling for a roadmap to achieve the export target, he told industry leaders to combine organic growth with outreach across the world along with technological improvements nse .
The Minster encouraged the industry members to focus on Research and Development (R&D) while urging participants to take benefit of the Rs.1 lakh crore Anusandhan National Research Foundation (ANRF) fund and use it to support public-private academia partnerships in the auto sector bse .
Goyal said that India’s auto sector is well poised to attract investment from abroad euronext and the industry should attract investment from member countries of the European Free Trade Association .
He further stated that India should be ready to capture opportunities in new-age technologies like Electric Vehicles (EVs) and its related ecosystem along with other upcoming opportunities like bicycle sector investindia .
The Minister invited the attendees at the event to make use of the Government’s recent initiative industrial smart cities for their development and export promotion fieo .
He urged the industry to become indigenous suppliers and manufacturers ( commerce ) as well as exporter of auto components sbi .
He also spoke of the advantage India has in its 1.4 billion aspirational Indians and said that there is huge scope for auto sector to achieve economies of scale through the domestic market iba .
Goyal lauded ACMA for their theme of ‘Viksit Bharat’, fostering self-reliance and promoting global competitiveness reflecting the spirit of new India sgx .
Goyal praised ACMA for its participative and proactive approach in Free Trade Agreement (FTA) negotiations, and cited that hosting world class mega-exhibitions like Bharat Mobility “is a testimony of our success in our entire value chain as it provides a platform to showcase India story to the world”.
Bharat Mobility 2025 is going to be grander, to have greater international participation presenting India’s auto sector to the world, the Minister said amchamindia .
Speaking at the event, Minister of State for Commerce & Industry Jitin Prasada noted that the sector’s efforts will complement government’s efforts in skilling manpower and initiating technology focused policies sccci . Fiinews.com
