Auto Component Industry Must Forge EV Ecosystem to Stay Ahead: Piyush Goyal
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Synopsis
Union Minister Piyush Goyal emphasizes the need for the Indian auto component sector to develop a competitive electric vehicle ecosystem, ensuring the nation remains at the forefront of the global auto industry. He highlights the importance of innovation, self-reliance, and market opportunities through Free Trade Agreements.
Key Takeaways
- Importance of EV Ecosystem
- Focus on Innovation
- Self-Reliance in Manufacturing
- Opportunities from FTAs
- Future of Auto Industry
New Delhi, Jan 18 (NationPress) During discussions on Free Trade Agreements (FTAs), the auto component sector has emerged as a pivotal player, with Indian manufacturers urged to establish a robust electric vehicle (EV) ecosystem before global competitors advance, stated Union Minister of Commerce and Industry, Piyush Goyal.
He pointed out that the component sector is the backbone of the Indian auto industry, commending it for achieving greater export figures compared to imports, thus becoming a net surplus sector.
Goyal mentioned that the ongoing negotiations of FTAs will provide significant opportunities for both the auto and component industries in accessing new markets.
“The forthcoming decade in the auto industry will shape the future and the vision for ‘Viksit Bharat 2047’. A target of $100 billion in exports over the next ten years will contribute to India’s Atmanirbhar (self-reliant) goals,” he asserted.
He stressed that Indian component makers possess cost-effectiveness and high-quality precision engineering capabilities.
“Continuous innovation and technology are essential for progress in this sector,” he added, noting that government facilitation through public-private partnerships (PPPs) and events like the Bharat Mobility 2025 expo will enhance the mobility landscape.
“The Bharat Mobility Global Expo demonstrates the confidence of the Indian auto sector in facing global competition,” Goyal remarked.
The Minister emphasized that electric vehicles represent a necessary and economically feasible option, urging the auto sector to develop the EV ecosystem to capitalize on economies of scale and seize global market opportunities.
He asserted that India must create its own EV ecosystem before other nations catch up, calling on the auto component industry to produce indigenous equipment and reduce reliance on opaque, non-market economies.
“It is crucial for India to achieve self-sufficiency in precision tooling,” Goyal remarked, stressing the need for India to emerge as a central hub for the auto and auto-component industries.
