Revving Up Local Manufacturing: A New Era for India's Auto Component Industry

Commerce Minister Piyush Goyal encourages India's auto component sector to produce machines locally, reducing import reliance. He highlights opportunities with the European EFTA bloc, particularly Switzerland, and urges focus on electric vehicle components. Goyal stresses upcoming markets like Africa and the Middle East and advises a five-year EV action plan.

On Friday, Commerce and Industry Minister Piyush Goyal called upon India's auto component industry to embrace local manufacturing, urging the sector to produce its own machinery instead of relying on imports.

Goyal emphasized the competitive edge domestic products have over foreign imports and cautioned auto players who still rely on imports that they risk falling out of competition. He highlighted the potential benefits of collaborating with Swiss companies, given India's free trade agreement with the EFTA bloc.

He also pointed to promising future markets, including Africa and the Middle East, and encouraged the industry to develop a five-year action plan focusing on electric vehicle components, seeing them as key to future growth.

(With inputs from agencies.)