The Commerce and Industry Minister, Piyush Goyal, emphasized the need for the Indian automotive industry to prioritize design and domestic value addition (DVA) to facilitate the transition to electric vehicles (EVs). He pointed out that the success of EVs in India shouldn’t solely depend on sales figures. Goyal encouraged component manufacturers to expand beyond domestic and export markets, establishing production capabilities in developed regions, leveraging the recent trade agreements that open access to 38 countries with a combined GDP of about $60 trillion.
Hyundai Motor India’s Tarun Garg highlighted the country’s significant $1.4 billion trade deficit in auto-components and stressed the necessity for India to design and manufacture advanced technologies, noting that current exports lack innovation and focus on mature technologies. He advocated for self-reliance in developing cutting-edge technologies like semiconductor chips and EV battery cells.
Shailesh Chandra, President of the Society of Indian Automobile Manufacturers, noted the vast potential for India’s automotive sector to become a global leader, urging a focus beyond mere import substitution towards establishing India as a prominent manufacturing hub.
Vikrampati Singhania, President of ACMA, called for a greater emphasis on design and innovation within the component industry, asserting that the next phase for India should be about creating and engineering locally for both domestic and global markets.
