Koreans urged to develop technology in India

The Indian Government is trying to make the New Auto Policy industry-friendly, Heavy Industries and Public Enterprises Minister Anant Gangaram said.

“We are trying to make a foolproof policy, to ensure the success of Make in India,” he said at the 2nd India-Korea Business Summit 2018.

It would be his Ministry’s endeavor to continuously adapt and modify the policy so as to keep up with the changing times, he assured.

He invited Korean companies to invest and consider developing technology in India.

The Department of Heavy Industry is in the process of finalizing the National Automotive Policy which would help create a more enabling environment for the sector, elaboated the department secretary Dr. Asha Ram Sihag.

It would provide the policy stability that overseas investors seek, he added.

The automotive industry contributes 7.1% of Gross Domestic Product (GDP) and 49% of Manufacturing GDP. It also accounts for 8% of India’s exports.

Auto components sector is the flagship manufacturing sector in India accounting for 49% of the overall manufacturing output in the country with 25% of output exported.

The summit was organised by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP) on 27 Feb 2018. fii-news.com