Piyush Goyal encourages auto component industry to focus on R&D

With India on the path to becoming the third-largest economy globally by GDP, Shri Goyal highlighted the need for the auto industry to strive to lead internationally.

Union Minister of Commerce & Industry, Shri Piyush Goyal, expressed optimism that India’s auto component sector is on track to achieve a $100 billion export target by 2030, positioning itself as a major job creator. Speaking at the 64th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi, Shri Goyal emphasized the sector’s potential to become a global leader, urging industry leaders to set a clear roadmap to reach this goal.

With India on the path to becoming the third-largest economy globally by GDP, Shri Goyal highlighted the need for the auto industry to strive to lead internationally. He called for a combination of organic growth, global outreach, and technological advancements to boost the sector's global standing.

The Minister encouraged the industry to prioritize Research and Development (R&D) and take advantage of the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund, which supports public-private partnerships in innovation.

Shri Goyal also highlighted investment opportunities, particularly from EFTA countries, and stressed the need to focus on emerging sectors such as Electric Vehicles (EVs) and their ecosystems, as well as the bicycle industry.

In line with the government’s ‘Atmanirbhar Bharat’ initiative, Shri Goyal urged manufacturers to become leading exporters of auto components and capitalize on India’s vast domestic market of 1.4 billion people to achieve economies of scale.

The Minister praised ACMA’s proactive role in Free Trade Agreement (FTA) negotiations and announced that Bharat Mobility 2025, an upcoming global automotive exhibition, will showcase India’s auto sector to the world. Shri Goyal reiterated the government’s commitment to making India a developed nation, ‘Viksit Bharat’, by 2047.

Union Minister of State for Commerce & Industry, Shri Jitin Prasada, also addressed the event, encouraging the auto component sector to boost exports and contribute to job creation, complementing the government’s focus on skilling and technology-driven policies.