In a significant boost for India’s automotive landscape, Union Minister of Commerce and Industry, Piyush Goyal, expressed strong optimism that the country’s auto component sector is on track to achieve a $100 billion export target by 2030. Speaking at the 64th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi, Goyal highlighted the sector’s potential as a major job creator in the country.
As India aims to solidify its position as the world’s third-largest economy, Goyal urged industry leaders to develop a strategic roadmap to elevate the nation from its current status as the third-largest auto market globally to a position of global leadership. He emphasized the need for organic growth combined with international outreach and technological advancements to meet this ambitious goal.
Encouraging a stronger focus on Research and Development (R&D), Goyal invited industry stakeholders to leverage the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund. This initiative aims to bolster public-private partnerships in academia and the automotive sector, fostering innovation and progress.
Goyal asserted that India’s auto sector is well-positioned to attract foreign investments, particularly from European Free Trade Association (EFTA) countries. He underscored the importance of capitalizing on emerging technologies, such as Electric Vehicles (EVs), as well as opportunities in sectors like bicycles, which are gaining traction in the market.
The minister also promoted the government’s initiative to establish Industrial Smart Cities, urging the auto industry to utilize these developments to enhance production and export capabilities. He called for a shift towards becoming indigenous suppliers and manufacturers, aiming for leadership in the global auto component market. Goyal noted that with a population of 1.4 billion aspiring consumers, there is significant potential for the auto sector to achieve economies of scale.
Goyal reiterated the government’s commitment to transforming India into a ‘Viksit Bharat’ (developed India) by 2047. He commended ACMA for embracing this vision, fostering self-reliance, and enhancing global competitiveness, which aligns with the spirit of a new India.
The minister also highlighted the government’s ‘Atmanirbhar Bharat’ initiative, which aims to create a self-reliant economy. He stressed the importance of educating consumers, particularly commercial vehicle owners, about the advantages of Original Equipment Manufacturer (OEM) products, emphasizing their quality, cost-effectiveness, and longevity in maintenance.
In a nod to ACMA’s proactive engagement in Free Trade Agreement negotiations, Goyal praised their efforts and highlighted the significance of hosting world-class mega-exhibitions like Bharat Mobility, which showcase India’s automotive story to a global audience. He promised that Bharat Mobility 2025 would be an even grander event, enhancing international participation and visibility for India’s auto sector.
Jitin Prasada, Union Minister of State for Commerce and Industry, also attended the event, encouraging the auto component sector to boost exports. He noted that the growing automotive industry in India presents significant opportunities for job creation and aligns with government initiatives focused on skill development and technology advancement.
