Schedule a Call Back
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)
Related Stories
Auto & Auto Components
Neolite ZKW Commissions New Automotive Lighting Plant in Pune
Neolite ZKW Lightings Limited has commissioned a new manufacturing and design facility in Pune to strengthen automotive lighting capabilities and support OEM customers across vehicle segments.
Read moreChemicals, Lubricants & Raw Material
Gulf Oil Strengthens Construction Focus with ACE, Ammann and XCMG Tie-ups
Gulf Oil Lubricants India has announced strategic OEM partnerships with ACE, Ammann India and XCMG to expand its construction equipment lubricant portfolio and strengthen its infrastructure presence..
Read moreAutomation & Robotics
We are committed to strengthening India made equipment: Abhishek Bohra
In this interview, Abhishek Bohra, Partner, BXL Enterprise, shares the enterprise’s evolution in limit switches, manufacturing strengths, sectoral demand, reliability strategies, safety trends, MS..
Read moreRelated Products
Automotive Oil Pump
AUTO COMPONENTS & ACCESSORIES
Kalpak Auto Pvt Ltd offers a wide range of
automotive oil pump.
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
