India-EU Free Trade Agreement: A New Horizon for the Automobile Industry

The India-EU free trade agreement promises to expand consumer choices and strengthen India's role in global automotive value chains. It aims to balance market accessibility with domestic growth. Leaders from automotive bodies express optimism for increased exports, technology partnerships, and the bolstering of resilient supply chains.

The free trade agreement between India and the European Union is set to broaden consumer choices and strengthen India's position in global automotive supply chains. This was announced by the Society of Indian Automobile Manufacturers (Siam) and the Automotive Component Manufacturers Association of India (ACMA) on Tuesday.

According to Shailesh Chandra, Siam President, and MD & CEO of Tata Motors Passenger Vehicles Ltd, the FTA is pivotal as India progresses towards 'Viksit Bharat'. He emphasized a need for balanced market access and domestic manufacturing, creating a 'win-win' scenario for both global participation and local industry growth.

Vikrampati Singhania, ACMA President, highlights the potential of the FTA to enhance exports, partnerships, and investment growth, reinforcing India's status as a reliable manufacturing partner for Europe. Mahindra Group's CEO, Dr Anish Shah, lauds the milestone as a generational opportunity, stressing its comprehensive benefits across various sectors.

(With inputs from agencies.)