Boosting Local Manufacturing: Goyal's Call to Auto Component Industry

Commerce and Industry Minister Piyush Goyal urged Indian auto component makers to reduce import reliance and increase local manufacturing. He set a target of USD 100 billion in exports by 2030. Goyal also emphasized exploring investment opportunities from EFTA countries and developing industrial townships to support the industry.

Commerce and Industry Minister Piyush Goyal on Monday called on Indian auto component makers to reduce their dependence on imports and intensify local manufacturing efforts, aiming to make the country a net exporter of these goods.

The minister set an ambitious target for the industry, urging companies to achieve USD 100 billion in exports by 2030, a significant increase from the current USD 21.5 billion. Goyal expressed concern over the industry's continued reliance on foreign suppliers and encouraged a robust enhancement of domestic production capabilities.

He highlighted the government's initiative to develop 20 smart industrial cities, providing a comprehensive ecosystem for industries, and invited auto component makers to utilize these opportunities. Goyal also pointed out the potential benefits of free trade agreements, which could bring modern technologies and improve efficiencies, seeking proactive engagement from the sector.

(With inputs from agencies.)