India’s auto sector to reach $100 bn exports by 2030: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal, urged auto component manufacturers to reduce their dependence on imports and focus on expanding local production, with a goal of achieving $100 billion in exports by 2030. He also underscored the potential of smart industrial cities and called for EFTA ( The European Free Trade Association)countries to invest in the sector to boost global competitiveness. Speaking at the 64th annual convention of the Automotive Component Manufacturers Association (ACMA) on Monday, Commerce and Industry Minister Piyush Goyal highlighted the need for India's auto industry to combine organic expansion with inorganic growth strategies. He suggested that the sector should explore partnerships and acquisitions with companies leading in electric vehicles (EVs) and other advanced technologies to secure a competitive edge globally.

Indian auto component manufacturers are unmatched! pic.twitter.com/4ckt58NyRo

— Piyush Goyal (@PiyushGoyal) September 9, 2024

At the 64th annual ACMA convention,  Piyush Goyal urged the auto industry to enhance localisation efforts and increase exports, capitalizing on India’s new free-trade agreements. He expressed optimism that the auto components sector is on track to reach the $100-billion export goal by 2030 and become a major driver of job creation in India.“World is our stage. Let's go for it,” and let's not look at small ambitions. Let's be big in our dreams. Let's look at capturing the opportunities that the world has to offer, particularly new-age technologies, such as electric vehicles cause and the associated ecosystem with that,” he said.

(State Correspondent)