Auto Component Sector to Hit $100 Billion Export Target by 2030: Piyush Goyal

GG News Bureau
New Delhi, 9th Sept. Union Minister of Commerce and Industry, Piyush Goyal, expressed optimism that India’s auto component sector will achieve its ambitious $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 emphasized the sector’s potential to become a leading job creator in the country.

Goyal highlighted the need for the auto sector to align with India’s goal of becoming the world’s third-largest economy, urging industry leaders to develop a comprehensive roadmap to achieve this. He stressed the importance of technological advancements and global outreach, combining organic growth with international expansion.

The Minister encouraged a strong focus on Research and Development (R&D), advocating for the use of the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to support public-private collaborations in the auto sector.

Goyal noted that India’s auto sector is well-positioned to attract foreign investment, particularly from EFTA countries, and should seize opportunities in emerging technologies like Electric Vehicles (EVs). He also highlighted the potential for growth in other sectors such as bicycles.

Inviting the industry to leverage the Government’s new industrial smart cities initiative, Goyal emphasized the need for indigenous manufacturing and export promotion. He also urged the sector to capitalize on India’s large domestic market to achieve economies of scale.

Goyal reiterated the Government’s commitment to making India a ‘Viksit Bharat’ by 2047 and lauded ACMA for promoting self-reliance and global competitiveness. He called on industry stakeholders to educate customers about the benefits of OEM (original equipment manufacturer) products, focusing on value, quality, and cost-effectiveness.

Additionally, Goyal praised ACMA’s proactive role in Free Trade Agreement (FTA) negotiations and announced that the upcoming Bharat Mobility 2025 exhibition will showcase India’s auto sector on a grander scale.

Union Minister of State for Commerce and Industry, Jitin Prasada, also addressed the event, encouraging the auto component sector to boost exports and create more jobs, complementing the government’s efforts in skill development and technology-focused policies.