Union Minister of Commerce & Industry, Piyush Goyal, expressed confidence that India’s auto component sector will achieve its goal of $100 billion in exports by 2030. He emphasized that this growth would make the sector one of the largest job creators in the country. Goyal made these remarks while addressing the 64th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi today.
Goyal noted that as India moves towards becoming the third largest economy globally in terms of Gross Domestic Product (GDP), the auto industry should aim to become a world leader. He pointed out that India already has the third-largest auto market and urged industry leaders to create a roadmap to achieve even higher global standing. He emphasized that growth must come from both organic expansion and global outreach, coupled with technological advancements.
The Minister encouraged the sector to focus more on Research and Development (R&D). He highlighted the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund, which is available to support public-private partnerships in the auto sector.
Goyal said India’s auto sector is in a strong position to attract foreign investment, including from European Free Trade Association (EFTA) countries. He also called on the industry to seize opportunities in emerging areas such as Electric Vehicles (EVs) and its ecosystem, as well as the bicycle sector.
He invited attendees to take advantage of the government’s initiative on industrial smart cities for development and export promotion. The Minister urged the sector to become a leader in indigenous manufacturing and auto component exports. He also mentioned that India’s domestic market, with its 1.4 billion people, offers great potential for economies of scale.
Goyal reiterated the government’s commitment to making India a developed nation, or ‘Viksit Bharat’, by 2047. He praised ACMA’s theme of fostering self-reliance and promoting global competitiveness, which aligns with the government’s vision of ‘Atmanirbhar Bharat’ (self-reliant India). He encouraged industry stakeholders to educate customers about the benefits of using original equipment manufacturer (OEM) products, particularly for commercial vehicles, highlighting their value for money, quality, and longevity.
Goyal also commended ACMA for its active participation in Free Trade Agreement (FTA) negotiations and praised the success of hosting mega-exhibitions like Bharat Mobility, which showcases India’s auto sector to the world. He stated that Bharat Mobility 2025 would be even larger and attract more international participation.
Later in the event, Union Minister of State for Commerce & Industry, Jitin Prasada, also encouraged the auto component sector to focus on boosting exports. He pointed out that the sector benefits from the growing auto industry in India and urged participants to create more jobs, complementing the government’s efforts in skill development and technology-driven policies.
