The Minister stated that it would be his Ministry's endeavor to continuously adapt and modify the policy so as to keep up with the changing times. Inviting Korean companies to invest in India, the Minister stated that Korean companies could consider developing technology in India.
Dr. Asha Ram Sihag, Secretary, Department of Heavy Industry, stated that his Department is in the process of finalizing the National Automotive Policy which would help create a more enabling environment for the sector. It provides the policy stability that overseas investors seek.
Mr Vishvajit Sahay, Joint Secretary, Department of Heavy Industry, stated that the automotive industry contributes 7.1% of GDP & 49% of Manufacturing GDP. It also accounts for 8% of India's exports & 7-8% of employment.
While giving an overview of the Indian Automotive Industry, Dr. Pawan Goenka, Managing Director, Mahindra Group, stated that Indian and Korean automotive companies could work together in terms of investing in R&D, sourcing of auto components from India, tooling & advanced materials as well as software development.
Mr. Nirmal Minda, President, Automotive Component Manufacturers Association (ACMA) stated that auto components sector is the flagship manufacturing sector in India accounting for 49% of the overall manufacturing output in the country. It is the largest employment creator and exports 25% of its output.
Mr. Vikas Jain, Assistant Vice President, Hyundai Motors India and Mr. Manohar Bhat, Head of Marketing and Sales, highlighted their respective companies' experience of investing in India.
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