Union Minister of Commerce & Industry Piyush Goyal has expressed confidence that the auto component sector will reach the $100 billion export target by 2030.

While speaking at the 64th Annual Session of Automotive Component Manufacturers Association of India (ACMA) in New Delhi on Monday, he said this will make the sector one of the largest job creators in the country.

Minister Goyal said that as India is progressing to become the third largest economy in the world in terms of Gross Domestic Product (GDP), the auto sector must also strive to become the world leader from currently being the third largest auto market in the world.

Further, he urged the industry leaders to set a roadmap to achieve the target, and stressed on combining organic growth with outreach across the world along with technological improvements.

The Central Minster encouraged the industry members to focus on Research and Development, and urged the participants to take benefit of the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund and utilise it to support public-private academia partnerships in the auto sector.

India’s auto sector is well poised to attract investment from abroad and the industry can explore investment from EFTA countries, he said.

Goyal stated that India should be ready to capture the opportunities in new-age technologies like Electric Vehicles (EVs) and its related ecosystem along with other upcoming opportunities like bicycle sector.

He invited the attendees to make use of the Government’s recent initiative industrial smart cities for their development and export promotion, and also urged the industry to become indigenous suppliers and manufacturers become a leading exporter of auto components.

He also spoke of the advantage India has in its 1.4 billion aspirational Indians and said that there is huge scope for auto sector to achieve economies of scale through the domestic market.

The Union Minister emphasized that the Government is committed towards making India ‘Viksit Bharat’ by 2047.

He urged the industry stakeholders to educate customers, especially for commercial vehicle owners, on the usage of OEM (original equipment manufacturer) products for their value for money, quality, cost-effectiveness and longevity they provide in terms of repairs and spares.

Minister said that hosting world class mega-exhibitions like Bharat Mobilityis a testimony of our success in our entire value chain as it provides a platform to showcase India story to the world.

Bharat Mobility 2025 is going to be grander, to have greater international participation presenting India’s auto sector to the world, he added.