Indian Economy News

Piyush Goyal asks auto cos to cut import dependence, increase innovation

  • IBEF
  • March 17, 2022

Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Government of India Mr. Piyush Goyal expressed disappointment that some auto companies continue to import even those components that can be manufactured in India to a high standard. He advised the industry to reduce its reliance on imports, focus on research and development, enhance innovation, purchase items from domestic enterprises, and be open to global competition. "I am extremely disturbed to see some companies, who continue to be dependent on imports even for products where India has the ability to provide them good quality goods," he said.

Concerned, he also stated that some companies do not use high-quality Indian steel and instead rely on imported steel. "I would urge ACMA (Automotive Component Manufacturers Association) to share with us more details of products where we have a competitive edge but companies are resisting to use your components,'' he said. He urged the industry to invest in India's whole mobility ecosystem, to become global suppliers, and to make the country self-sufficient in the field.

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