Automotive Industry Poised To Grow Fast

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal said the Automotive Industry is at the inflection point and is poised to grow fast. He was addressing the 62nd Automotive Component Manufacturers Association (ACMA) Annual Session in New Delhi. Goyal remarked that the future of Automotive Component Industry rests on being more Connected, focussing on Convenience, orienting towards Clean Energy and clean mobility and using Cutting-edge technology. Expressing confidence on the growth story of this Industry, Goyal emphasised that the focus should now be on Quality and Cost competitiveness. He noted that while in the last few years Automobile Industry faced challenges of subdued demand and slowdown mainly due to Covid, the worst is over now and record number of sales for two and three wheelers suggests that the Industry is back on track. Recognizing the huge potential of the Automotive sector, the minister said the Industry contributes significantly to the GDP, creates jobs, encourages skill development, values talents and has an ecosystem which has a considerable impact on the society.

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