New Delhi: Union Minister of Trade and Industry and Railways Piyush Goyal has said that in the automotive sector, we must move towards global dominance, in terms of components and automobiles.
Addressing the Society of Indian Automobile Manufacturers (SIAM) annual convention today, he said: “We are improving the scale and quality of what we produce and serve. With this, we are looking at how we can improve competitiveness to engage with the world”.
According to an official statement, the Minister said that reciprocity, high quality, affordability and good economies of scale will help us expand our global commitment, Goyal said that Design, Packaging and Brand Construction: these are 3 prerequisites for us if we want to offer our products all over the world.
He said India is looking at its own national capabilities and expanding its own economic and global engagement.
“India is ready to provide a highly facilitated environment. We are engaged with many companies looking for more resilient value chains. We have to identify the sectors where we have a comparative and competitive advantage over other countries. I am confident that we will be trustworthy partners. trusted countries where countries around the world can seek further engagement with India, “he said.
Urging the auto industry to work together in a spirit of partnership, he said: “Ours is a government that listens, and we are delighted to be available to the auto industry to find solutions and work together in partnership to achieve a better future, increase locating in India and tapping the export potential on fair terms. When a company works in India, it gets a big Indian market. “
The Minister said that as we move towards Aatmanirbhar Bharat in the automobile sector, the role of the industry becomes even more important.
He said the Government is willing to participate as often as necessary to find solutions for greater global participation. A focus on particular sectors will help us increase our contribution to global supply chains.
Goyal asked the automotive companies present in the country to ask for their principles to reduce royalties. He said reducing this could help the Indian units of these companies weather the crisis with ease.
He said automakers that own a sizable chunk of the country’s auto market pay millions of dollars as royalties to their parent companies. Lowering royalties can help them reduce cash outflow, lower vehicle prices, and help boost their domestic sales.
Regarding AatmaNirbhar Bharat’s self-sufficient India, Goyal said the auto industry needs to rethink its strategy to emerge stronger from the crisis. He said India is looking at its national capabilities and capacity expansion through the AatmaNirbhar Bharat campaign. (AND ME)
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