Revving Up: India's Auto Industry Eyes Domestic Production Shift

Commerce Minister Piyush Goyal urges India's auto component industry to prioritize domestic manufacturing to reduce import reliance. Highlighting China's dominance in exports, he emphasizes the opportunity for competitiveness through local production and partnerships with the European EFTA bloc to boost machinery manufacturing.


Devdiscourse News Desk | New Delhi | Updated: 17-01-2025 19:13 IST | Created: 17-01-2025 19:13 IST
Revving Up: India's Auto Industry Eyes Domestic Production Shift
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Commerce and Industry Minister Piyush Goyal has called on India's auto component industry to focus on domestic manufacturing, reducing dependency on imports. He warned that companies continuing to rely on foreign components could face competitiveness issues as India's products outshine through affordability and quality.

With China leading in auto component exports to India, accounting for 28% of imports, Goyal insists that Indian firms can enhance competitiveness by concentrating on precision engineering. He urged industry players to tap into opportunities in electric vehicles and regions like South East Asia and Africa.

Goyal also highlighted India's free trade agreements, especially with the EFTA bloc, encouraging collaboration with nations like Switzerland. As India targets $100 billion in auto component exports by 2030, market access remains crucial for maintaining competitive advantage.

(With inputs from agencies.)

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