Commerce and industry minister Piyush Goyal on Friday urged the automobile industry to set a target of increasing the share of vehicles being exported to 50% of all passenger vehicles produced in the country by 2030 from 14% in the last fiscal.
“With our arbitrage in labour costs and skilled manpower pool, India should have 50% export share in the auto sector. The auto industry should not limit itself to achieving a 25% export share and instead aim for at least a 50% export share,” Goyal said at the curtain raiser of Bharat Mobility Global Expo 2024, which is scheduled to be held from February 1-3 February.
India’s contribution to the world is increasing rapidly with share of vehicles being exported from 14% at present, to about 25% of all passenger vehicles produced in India by 2030. Similarly, about 30% of two-wheelers produced in India is expected to be exported by 2030.
The three-day Bharat Mobility Global Expo 2024, beginning February 1, is being promoted as the country’s first global mobility expo. With over 600 exhibitors from over 50 countries, the expo will highlight cutting-edge technologies and breakthroughs in mobility.
“More than 27 leading vehicle manufacturers are set to unveil new models and electric vehicles, showcasing the automotive industry’s steadfast commitment to innovation,” the commerce and industry ministry said in a statement.
Along with vehicle manufacturers, the event will have over 400 auto component manufacturers, above 1000 brands from above 13 global markets, displaying their entire range of products, technologies, and services, from supplies to OEMs to the aftermarket.
“More than 10 leading companies will also be showcasing EV infrastructure services including charging stations and battery swapping solutions during the event,” the ministry added.