India's Auto Industry Targets Domestic Production Growth

India's Commerce and Industry Minister Piyush Goyal has urged the auto component industry to enhance domestic manufacturing and reduce reliance on imports, particularly from China, which currently accounts for 28% of India's auto component imports. Goyal warned that companies that continue to import components could find themselves at a competitive disadvantage as domestic products gain ground through affordability and precision engineering. He emphasized the need for the industry to manufacture its own machinery and focus on electric vehicle components, highlighting the potential for growth in markets such as South East Asia and Africa. Goyal also referenced India's recent free trade agreement with the EFTA bloc, encouraging collaboration with Swiss firms known for machine manufacturing. He urged industry leaders to develop a five-year action plan to transition towards electric vehicles, aiming for $100 billion in auto component exports by 2030. The call to action reflects a broader strategy to enhance India's competitiveness in the global auto components market.