Union Minister of Commerce & Industry, Shri Piyush Goyal, expressed confidence that India’s auto component sector will achieve its ambitious export target of $100 billion by 2030. Speaking at the 64th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi, Goyal emphasized the need for the auto sector to aim for global leadership, building on India’s status as the third-largest auto market. He called on industry leaders to establish a roadmap combining organic growth, global outreach, and technological advancements to meet this goal.
Shri Goyal highlighted the importance of Research and Development (R&D) in driving the sector’s growth and urged industry stakeholders to leverage the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to support public-private-academic collaborations. He underscored India’s strong potential to attract foreign investment, particularly from EFTA countries, and encouraged the auto industry to explore opportunities in emerging technologies like Electric Vehicles (EVs) and their ecosystems, as well as other growth areas like the bicycle sector.
The Minister also invited the auto component industry to take advantage of the government’s recent industrial smart cities initiative for development and export promotion. He stressed the importance of becoming self-sufficient suppliers and significant exporters of auto components, leveraging the vast domestic market of 1.4 billion people to achieve economies of scale.
He also praised ACMA’s proactive involvement in Free Trade Agreement (FTA) negotiations and emphasized the significance of hosting world-class mega-exhibitions like Bharat Mobility as a platform to showcase India’s automotive capabilities to the world. The upcoming Bharat Mobility 2025 is expected to see increased international participation, further highlighting India’s strengths in the automotive sector.
Cover Photo: OpenAi
