Indian Economy News

Bharat Mobility Expo shows that the Indian auto industry is confident to take on global competition: Union Minister of Commerce & Industry, Mr. Piyush Goyal

Union Minister of Commerce & Industry, Mr. Piyush Goyal, highlighted India's growing confidence in the automotive sector at the launch of the Bharat Mobility Global Expo 2025 - The Components Show in New Delhi. Organised by the Automotive Components Manufacturers Association of India (ACMA), the event featured the unveiling of the Show Directory, ACMA Buyers Guide, and a report on transitioning to electric vehicles (EVs). He emphasised the vital role of the auto component sector in the Indian auto industry, noting its impressive export surplus. He added that Free Trade Agreements (FTAs) would open new global markets for the industry.

He outlined a vision for the next decade, aiming for Rs. 8,65,000 crore (US$ 100 billion) in exports and positioning India as a global leader in EVs. He stressed the importance of innovation, cost-competitiveness, and high-quality precision engineering in driving sector growth. He urged the sector to build a self-reliant EV ecosystem and reduce dependency on foreign countries, particularly for critical components. He called for a five-year action plan to transition from internal combustion engines (ICEs) to EVs. He encouraged the shift towards electric buses and trucks for economic sustainability. The Bharat Mobility Expo 2025, taking place at Yashobhoomi, brings together over 1,000 companies to showcase innovations in automotive components, EVs, and sustainable mobility solutions, reinforcing India’s position as a global manufacturing hub.

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

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