By TIOL News Service

NEW DELHI, SEP 10, 2024: UNION Minister of Commerce & Industry, Piyush Goyal expressed confidence that the auto component sector will reach the USD100 billion export target by 2030 making the sector one of the largest job creators in the country. Hemade this statement at the 64th Annual Session of Automotive Component Manufacturers Association of India (ACMA) yesterday in New Delhi.

Goyal said that as India is progressing to become the third largest economy in the world in terms of Gross Domestic Product (GDP), the auto sector must also strive to become the world leader from currently being the third largest auto market in the world. He urged the industry leaders to set a roadmap to achieve the target. Goyal stressed on combining organic growth with outreach across the world along with technological improvements.

The Minster encouraged the industry members to focus on Research and Development (R&D). He urged the participants to take benefit of the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund and utilise it to support public-private academia partnerships in the auto sector.

Goyal said that India's auto sector is well poised to attract investment from abroad and the industry can explore investment from EFTA countries. He further stated that India should be ready to capture the opportunities in new-age technologies like Electric Vehicles (EVs) and its related ecosystem along with other upcoming opportunities like bicycle sector.

The Minister invited the attendees to make use of the Government's recent initiative industrial smart cities for their development and export promotion. He urged the industry to become indigenous suppliers and manufacturers become a leading exporter of auto components. 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.

The Union Minister emphasizedthat the Government is committed towards making India 'Viksit Bharat' by 2047. Goyal lauded ACMA for their theme of 'Viksit Bharat', fostering self-reliance and promoting global competitiveness reflecting the spirit of new India.

He said that the efforts of the government towards 'Atmanirbhar Bharat' (self-reliant India) is bringing a change. Goyal urged the industry stakeholders to educate customers, especially for commercial vehicle owners, on the usage of OEM (original equipment manufacturer) products for their value for money, quality, cost-effectiveness and longevity they provide in terms of repairs and spares.

Goyal praised ACMA for its participative and proactive approach in Free Trade Agreement (FTA) negotiations. He said that hosting world class mega-exhibitions like Bharat Mobilityis 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.

Union Minister of State for Commerce & Industry, Jitin Prasada attended the event in a session later today. He also encouraged auto component sector to promote exports. He added that component sector benefits from the growing auto sector in the country and urged the participants to create more jobs in the country. Prasada further noted that their efforts will complement government's effort in skilling and technology focused policies.