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US should look at $1 trillion trade with India in next 10 yrs: Goyal

Auto sector to play big role in making India a USD 5 tn economy: Pandey


US should look at $1 trillion trade with India in next 10 yrs: Goyal

Union Minister for Heavy Industries Mahendra Nath Pandey on Wednesday said India would become a manufacturing hub and the automotive sector will play a major role in making the country a USD 5 trillion economy. The government is very much focused on the development of electric mobility and the project work undertaken by the Automotive Research Association of India (ARAI) to establish components and systems for electric vehicles (EVs) is a big step towards the future, a statement quoted Pandey as saying.

He was speaking at the inauguration of the 17th edition of the Symposium on International Automotive Technology (SIAT) 2021. Organised by ARAI in association with SAEINDIA and SAE International (USA), SIAT 2021 with the theme ‘Redefining Mobility for the Future’ was held in virtual mode for the first time. “Several businesses including the automotive industry took a hit during the pandemic but now it is recovering. Research work, manufacturing, and acquisition for EV components like charging points, batteries, fuses, bio-gas resources, and other parts will be supported by the government.

Also read: India ready to expand economic partnership with US: Goyal

“We believe that the progress in the sector will also give rise to employment generation among the youth and the government’s vision of ‘Atmanirbhar Bharat’ will be fulfilled,” Pandey said. The minister noted that the Union Cabinet has approved a Rs 26,800-crore Production Linked Incentive (PLI) scheme for the auto sector focused on promoting the manufacturing of EVs and hydrogen-fuel vehicles.

ARAI member C V Raman said research and development for EV is necessary. “The Indian auto sector is facing challenges but we are committed to establishing eco-friendly, safer, and high-powered autos to satisfy market aspirations,” he said.

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