Aatmanirbharta & Exports are key focus areas for the Auto sector
Mumbai, 10 September 2024: The concluding session of SIAM’s 64th Annual Convention focused on “Aatmanirbhar in automobile supply chain & leveraging India’s potential in global Markets” and underlined the necessity to placing more emphasis on indigenous manufacturing and localization.
Mr. Vinod Aggarwal, President of SIAM and Managing Director & CEO of Volvo Eicher Commercial Vehicles Ltd., emphasized on the importance of self-reliance (Aatmanirbharta) in the automotive supply chain. He remarked, “Through the 'Make in India' initiative, we are targeting a reduction in imports of components and materials by 16-20% by 2027, significantly boosting local production capabilities. SIAM has showcased also 50 essential components, including electronics and electrical items and encouraging ACMA members to invest and manufacture in India."
Guest of Honour Mr. Sunil Barthwal, Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, said, “We acknowledge SIAM and ACMA's vital roles in the auto value chain. With India targeting net zero by 2070, our auto sector is poised for significant transformation. With strong demand in the US, EU and Africa, we are strategically positioned to expand our export markets.”
Guest of Honour, Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India, mentioned, “The Indian economy is poised to grow at a rate of 6-6.5%. Industry needs to focus on R&D and look at electric transition from the point of view of India’s resilience in critical materials required for EVs.”
Ms. Shradha Suri Marwah, President of the Automotive Component Manufacturers Association (ACMA) and Chairperson & Managing Director of Subros Ltd., stressed the critical role of supply chain resilience in ensuring India's competitive edge globally. She noted, “By targeting $300 million in exports and achieving a 6% increase in localization, we are strategically positioning ourselves at the forefront of innovation. We are investing heavily in R&D, fully confident in the immense potential of our country to transform itself into a global technology hub. Best wishes to SIAM as they continue to drive excellence in the sector.”
About SIAM
The Society of Indian Automobile Manufacturers (SIAM) is an apex national body representing all major vehicle and vehicular engine manufacturers in India. It is a society with charitable objectives registered under the Societies Registration Act, 1860. Its objectives include enhancing the contribution of automobile industry to the growth and development of Indian economy, assisting the automobile industry to meet its social obligations and encouraging the efficiency of industry in general and automobile industry particularly in India. SIAM focuses on activities related to improvement of environment and ensuring safety and protection of automobile vehicle users and public at large. Recognising these objectives, SIAM has been granted registration under the Income Tax Act, 1961 as an institution with charitable purpose.
