The Indian automotive industry drives on the three Ds of Democracy, demographic dividend, and diversity and they propel the industry to the fast lane, according to Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles.
In his address to the 63rd Annual Convention of the Society of Indian Automobile Manufacturers (SIAM) with the theme: ‘Aatmanirbhar’: The Roadmap to Increased Localization and Harnessing Export Potential of the Indian Auto Industry’, he said, “Democracy, demographic dividend, and diversity are the three D’s propelling the automobile industry onto the fast lane. India has achieved ‘Aatmanirbharta’ in many ways and has joined the ranks of nations where basic life aspirations such as digital connectivity, road infrastructure, healthcare, and water supply are being fulfilled, a testament to the ‘new India’ that our people collectively strive for. Today, the middle class seeks value and pride in their automobile choices, driving significant market demand indigenously. We must encourage significant investment in electronic components and products made in India, boost R&D within our nation, and nurture domestic industries. We must also reduce our dependence on imports and should rather trust our localised capabilities within our own ecosystem.”
Efforts have to be taken to increase automobile exports from India, one of the largest automotive markets in the world, and a dedicated taskforce should work for this goal, Pawan Goenka, Chairman, Steering Committee on Advancing Local value-add & Exports (SCALE), Ministry of Commerce & Industry, said.
He said at the SIAM convention, “Indian automotive industry has long embodied self-reliance, and has been working for a very long time towards being Aatmanirbhar. Currently, we are the world’s third-largest automobile market and India has clear advantages in terms of its demographics, geopolitical positioning, and now, with our success at the G20. With being one of the largest markets, it is pertinent that efforts be placed to increase automotive exports and for that we need a dedicated task force that should work towards this goal. While we have come a long way in the domain of localization, true progress for the sector will be driven by the export market.”
