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Goyal urges auto component makers to seek investment from EFTA countries
Industry News- Sep 10,24
The minister urged the industry to create a road map to become the world's largest auto market, combining organic growth with international outreach.
Union Commerce and Industry Minister Piyush Goyal has encouraged India’s automobile component manufacturers to attract investments from European Free Trade Association (EFTA) countries to help meet the export target of $100 billion by 2030. Speaking at the 64th annual session of the Automotive Component Manufacturers Association of India (ACMA), Goyal highlighted the potential of EFTA nations—Switzerland, Norway, Liechtenstein, and Iceland—to invest in India, even though they have limited manufacturing capabilities but possess valuable technologies.
Goyal also emphasised the need for India's auto sector to focus on promoting the use of original equipment manufacturer (OEM) products to customers through campaigns. He believes that a greater focus on after-sales services and OEM products would enhance the industry's growth prospects, making Indian component manufacturers globally competitive.
The minister urged the industry to create a road map to become the world's largest auto market, combining organic growth with international outreach. He further invited auto-component makers to explore opportunities in new-age technologies such as electric vehicles (EVs) and to capitalise on the upcoming Bharat Mobility Global Expo 2025, which will showcase EVs and their ecosystem.
Additionally, Goyal mentioned the government's upcoming guidelines for the Anusandhan National Research Foundation (ANRF), allocating Rs 1 trillion to support public-private academic partnerships. He encouraged the industry to utilise these resources for research and development, while also examining growth opportunities in the government’s planned 20 industrial smart cities.
(business standard)
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