Commerce Minister Piyush Goyal Aims for $100 Billion Auto Component Exports by 2030
New Delhi, India – Commerce Minister Piyush Goyal is confident that the auto component sector will achieve a $100 billion export target by 2030. He shared this goal at the annual session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi.
In 2023-24, auto component exports reached $21 billion. Goyal emphasized that as India progresses to become the third-largest economy globally, the auto sector should also aim to become the world leader, moving up from its current position as the third-largest auto market.
He urged industry leaders to create a roadmap to achieve this target, combining organic growth with global outreach and technological advancements. Goyal encouraged the industry to focus on research and development (R&D) and take advantage of the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to support public-private academia partnerships in the auto sector.
Goyal highlighted that India’s auto sector is well-positioned to attract foreign investment, particularly from EFTA countries. He also mentioned the importance of new-age technologies like electric vehicles (EVs) and their ecosystems, as well as opportunities in the bicycle sector.
The Minister invited attendees to utilize the government’s industrial smart cities initiative for development and export promotion. He urged the industry to become indigenous suppliers and manufacturers to lead in auto component exports.
Goyal also spoke about the advantage of India’s 1.4 billion aspirational citizens, suggesting that the auto sector can achieve economies of scale through the domestic market. He encouraged industry stakeholders to educate customers, especially commercial vehicle owners, on the benefits of using OEM (original equipment manufacturer) products for their value, quality, cost-effectiveness, and longevity.
Union Minister of State for Commerce and Industry, Jitin Prasada, also attended the event and encouraged the auto component sector to promote exports. Prasada noted that the growing auto sector benefits the component sector and urged participants to create more jobs in the country.
Doubts Revealed
Commerce Minister -: The Commerce Minister is a government official in India who is responsible for trade and business activities. Piyush Goyal is the current Commerce Minister.
Piyush Goyal -: Piyush Goyal is an Indian politician and the current Commerce Minister of India. He works on policies related to trade and industry.
Auto Component Exports -: Auto component exports refer to selling parts of vehicles, like engines and brakes, to other countries. India wants to sell $100 billion worth of these parts by 2030.
ACMA -: ACMA stands for Automotive Component Manufacturers Association. It is a group that represents companies in India that make parts for vehicles.
R&D -: R&D stands for Research and Development. It means creating new products or improving existing ones through study and experiments.
EVs -: EVs are Electric Vehicles. These are cars and bikes that run on electricity instead of petrol or diesel.
OEM products -: OEM stands for Original Equipment Manufacturer. These are parts made by the company that originally made the vehicle, ensuring high quality.
Union Minister Jitin Prasada -: Jitin Prasada is another government official in India. He supports the idea of increasing exports and creating more jobs in the auto component sector.
