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07/03/2023 01:38pm

Auto industry should focus on formalisation to achieve global credibility: Commerce Minister Piyush Goyal

image Auto industry should focus on formalisation to achieve global credibility: Commerce Minister Piyush Goyal

New Delhi, Mar 7 (KNN) Union Minister of Commerce and Industry, Piyush Goyal on Monday urged the auto components industry to make efforts to formalize the informal portion of the sector to ensure that duplicate components don’t affect India’s credibility in the world market.

Addressing the ACMA’s Atmanirbhar Excellence Awards and Technology Summit 2023, he asked the industry to reflect on the level of investments and time and effort that they have been putting in to develop new technology, new designs & products and thus help India’s indigenization and localization efforts.


“It would also help us provide solutions to other countries instead of being dependant on their R&D for all times to come. Good ideas will find traction and acceptability both in India and all over the world,” he added.

The Minister noted that India had entered the “Amritkaal” and was leading the world in crucial arenas such as sustainability and said that the growth of our economy and our businesses would depend upon our levels of investment in technology and R&D.

He observed that several sectors and companies were reaping an ROI that was many times their investment in innovation and R&D. 

“If we address the twin challenges of productivity and quality, India would excel with its technology level, managerial capabilities, skilled workforce and commitment levels,” said the minister.

“With focus on these two aspects, India would also excel in price competitiveness and succeed in meeting the needs of both India and the world,” he added.

He also asked organizations like ACMA to hand-hold and support startups by interacting with them, providing them new opportunities, reward and encourage their R&D setbacks, treating it as stepping stones to urged the industry to raise their voice against infringement of copyrights and patents.

He asked big companies to narrow down on tier 2 and tier 3 suppliers and see how they could be supported and encouraged. 

In conclusion, the minister noted that India was at an inflection point where myriad opportunities were available to excel. (KNN Bureau)


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