Union Minister for Commerce & Industry, Piyush Goyal on Monday asked the Indian auto component manufacturing sector to achieve an exports target of $100 billion by 2030 [$20.1 billion in FY23] so that sector could be one of the largest job creators in the country. 

He was speaking at the 64th Annual Session of Automotive Component Manufacturers Association of India (ACMA) held in New Delhi. 

Stating that the Indian auto sector would soon become the world leader from currently being the third largest in the world, Mr. Goyal said industry leaders must set a roadmap to achieve the target. He said this should be achieved through a combination of organic growth and global acquisition to have technological improvements.

Emphasising that India’s auto sector is well poised to attract investment from abroad and the industry can explore investment from EFTA countries, he said India should be ready to capture the opportunities in new-age technologies like Electric Vehicles (EVs) and its related ecosystem along with other upcoming opportunities like bicycle manufacturing. 

The Minister urged the industry to meet domestic demands to help the auto industry to be self reliant besides becoming a leading exporter of auto components to earn exports revenues. 

He urged the industry stakeholders to educate customers, especially commercial vehicle owners, to use OEM (original equipment manufacturer) products for quality, cost-effectiveness and longevity they provide while repairing or replacing parts.

Praising ACMA for its participative and proactive approach in Free Trade Agreement (FTA) negotiations he said hosting world class mega-exhibitions like Bharat Mobility was a testimony of India’s success in showcasing the entire value chain on one platform before the world. 

“Bharat Mobility 2025 is going to be grander, to have greater international participation presenting India’s auto sector to the world,” he added.