Indian Economy News

Automotive Industry is at the inflection point, poised to grow significantly: Mr. Piyush Goyal

According to Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles, the automotive industry is at a turning point and is positioned for rapid growth. He was speaking today in New Delhi at the 62nd Annual Session of the Automotive Component Manufacturers Association (ACMA).

Regarding the session's theme, "Future of Mobility - Transforming to be Ahead of the Opportunity," he said that the future of the automotive component industry depends on being more connected, putting a premium on convenience, leaning toward clean energy and clean mobility, and utilising cutting-edge technology. Confident in the industry's progress, he emphasised that quality and cost competitiveness should now be the main priorities.

Considering the enormous potential of the automotive industry, Mr. Goyal stated that it considerably contributes to the GDP, generates employment, promotes skill development, values talent, and has an ecosystem that has a big impact on society. He reaffirmed the government's commitment to assisting the industry through programmes like the PLI Scheme. Additionally, he added, the government is committed to fostering the semiconductor ecosystem.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.