Revolutionizing the Future: Achieving a $100 Billion Export Milestone by 2030 in Auto Components – A Vision Unveiled by Piyush Goyal!
News Alert: Indian Auto Component Sector Set to Hit $100 Billion Export Mark by 2030
Shillong, September 9: The Indian auto component industry is forecasted to achieve a $100 billion export milestone by 2030, positioning itself as a major job generator, according to Union Minister of Commerce and Industry, Piyush Goyal.
Speaking at the 64th annual session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi, Goyal emphasized the need for the sector to transform from being the world’s third-largest auto market to a global leader as India advances towards becoming the third-largest economy by GDP.
Goyal called upon industry stakeholders to amplify their focus on Research and Development (R&D), specifically leveraging the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to foster public-private academia collaborations in the auto sector. He advocated for a strategic roadmap to achieve their ambitious targets.
Goyal highlighted the sector’s potential to attract international investments, particularly from European Free Trade Association (EFTA) countries. He underscored the importance of seizing opportunities in emerging technologies like electric vehicles (EVs) and the burgeoning bicycle sector.
The Minister urged the industry to evolve into indigenous suppliers and bolster export capabilities in auto components. He reiterated the government’s commitment to transforming India into a ‘Viksit Bharat’ by 2047, a vision mirrored by ACMA’s theme of fostering self-reliance and enhancing global competitiveness.
Furthermore, Goyal applauded the government’s ‘Atmanirbhar Bharat’ initiative, noting its transformative impact. He also stressed the need for industry players to educate customers, particularly commercial vehicle owners, about the advantages of using OEM products, which offer better value for money, quality, cost-effectiveness, and longevity in repairs and spares.
This comprehensive roadmap and concerted effort by the auto component industry and the government highlight a promising trajectory for India’s economic and technological advancement. (IANS)
Original Story https://theshillongtimes.com/2024/09/09/auto-component-sector-to-reach-100-bn-export-target-by-2030-piyush-goyal/
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