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Informist, Friday, Jan. 17, 2025

 

NEW DELHI – Commerce and Industry Minister Piyush Goyal Friday asked the Indian automobile industry to reduce dependency on imported components for manufacturing. He asked the automakers to use domestically manufactured auto components as they are more affordable and have high quality of precision engineering.

 

"There are few companies, despite a number of efforts being made, who still prefer to import, who still prefer to directly or indirectly depend on imports," Goyal said at the Bharat Mobility Expo 2025. "Going forward, I suspect they are the ones who will be out of the competition first," he said.

 

India's transport equipment imports rose 6.3% to $22.88 billion in Apr-Dec, according to the latest data available with the commerce ministry. India's total goods imports grew 5.2% during the period, against export growth of just 1.6%.

 

The minister also asked auto component manufacturers to explore newer export destinations and mentioned some of the potential regions like Central Europe, Latin America, Southeast Asia, and Africa. The sector should also formulate a five-year road map to meet the export target of $100 billion by 2030, Goyal said.

  

Prime Minister Narendra Modi inaugurated Bharat Mobility Expo 2025 in New Delhi on Friday. The exhibition is being hosted at multiple venues till Wednesday.  End

 

Reported by Krity Ambey

Edited by Subhojit Sarkar

 

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