Union Minister Piyush Goyal Targets $100 Billion Export Milestone for Auto Component Sector by 2030

New Delhi: Union Minister of Commerce & Industry, Piyush Goyal, has expressed confidence that India’s auto component sector will achieve a $100 billion export target by 2030, positioning it as one of the country’s major job creators. His remarks were made during the 64th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) held in New Delhi today.

Goyal highlighted India’s economic ascent towards becoming the world’s third-largest economy and emphasized that the auto sector should also aim to lead globally, building on its current status as the third-largest auto market. He called on industry leaders to develop a strategic roadmap to achieve these ambitious goals, combining organic growth with global outreach and technological advancements.

The Minister underscored the importance of Research and Development (R&D) in driving this growth. He urged industry members to leverage the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund to support public-private partnerships in the auto sector. He also encouraged the sector to explore investment opportunities from European Free Trade Association (EFTA) countries and capitalize on emerging technologies like Electric Vehicles (EVs) and the bicycle sector.

Goyal invited the attendees to utilize the Government’s industrial smart cities initiative to enhance development and export promotion. He stressed the need for the industry to become self-reliant suppliers and leading exporters of auto components. With India’s 1.4 billion aspirational citizens, he noted the significant potential for achieving economies of scale within the domestic market.

The Union Minister praised ACMA’s theme of ‘Viksit Bharat’ (Developed India), which fosters self-reliance and global competitiveness. He reiterated the government’s commitment to making India a ‘Viksit Bharat’ by 2047 and highlighted the positive impact of the ‘Atmanirbhar Bharat’ (Self-Reliant India) initiative.

Goyal also urged the industry to educate commercial vehicle owners on the benefits of OEM (Original Equipment Manufacturer) products for their quality, cost-effectiveness, and durability. He commended ACMA for its proactive role in Free Trade Agreement (FTA) negotiations and for organizing world-class mega-exhibitions like Bharat Mobility. He assured that Bharat Mobility 2025 will be even grander, showcasing India’s auto sector to a global audience.

Union Minister of State for Commerce & Industry, Jitin Prasada, who attended the session later in the day, echoed the call for increased exports from the auto component sector. He highlighted the sector’s potential for job creation and its alignment with the government’s skilling and technology-focused policies.