Union Minister HD Kumaraswamy Highlights Growth and Sustainability in Indian Automobile Industry
New Delhi [India], September 10: Union Minister HD Kumaraswamy spoke at the 64th SIAM Annual Convention about the significant role of the Indian automobile industry in the nation’s economic growth. He mentioned that the sector has a turnover of Rs 20 lakh crore, contributes 6.8% to the GDP, and employs over 30 million people.
Despite global supply chain disruptions and the pandemic, the industry has shown remarkable resilience. All segments, including commercial and passenger vehicles, three-wheelers, two-wheelers, and auto components, have recovered strongly, making India an emerging hub for automobile production.
Kumaraswamy reiterated India’s commitment to sustainable growth, referencing Prime Minister Narendra Modi’s ‘Panchamrit’ roadmap to achieve net-zero carbon emissions by 2070 and cut carbon emissions by 1 billion tonnes by 2030. The Ministry of Heavy Industries has supported this transition with schemes like the Production Linked Incentive (PLI) for Automobile and Auto Components and the PLI for Advanced Cell Chemistry (ACC).
To support the Make in India initiative and strengthen the EV ecosystem, the Government has introduced a scheme to promote the manufacturing of electric passenger cars, offering a concessional import duty of 15%. This has led to a 90% increase in electric passenger vehicles and a 30% rise in electric two-wheelers in 2023-24.
Doubts Revealed
Union Minister -: A Union Minister is a person who is in charge of a specific department in the government of India. They help make important decisions for the country.
HD Kumaraswamy -: HD Kumaraswamy is a politician in India. He has served as the Chief Minister of Karnataka and is currently a Union Minister.
Indian Automobile Industry -: This refers to all the companies and factories in India that make cars, bikes, trucks, and other vehicles.
64th SIAM Annual Convention -: SIAM stands for Society of Indian Automobile Manufacturers. The Annual Convention is a big meeting where people talk about the automobile industry.
Rs 20 lakh crore -: This is a very large amount of money. ‘Rs’ stands for Indian Rupees, and ‘lakh crore’ is a way to say 20 trillion in the Indian numbering system.
GDP contribution -: GDP stands for Gross Domestic Product. It is the total value of all goods and services produced in a country. The automobile industry contributes 6.8% to India’s GDP.
Employment of over 30 million people -: This means that more than 30 million people in India have jobs because of the automobile industry.
Resilience -: Resilience means being strong and able to recover quickly from difficulties. The automobile industry has shown resilience by continuing to grow despite challenges.
Sustainable growth -: Sustainable growth means growing in a way that can be maintained over time without harming the environment.
Electric vehicles -: Electric vehicles are cars, bikes, or other vehicles that run on electricity instead of petrol or diesel. They are better for the environment.
Carbon emissions -: Carbon emissions are gases released into the air when we burn fossil fuels like petrol and diesel. These gases can harm the environment and contribute to climate change.
