Business
Cost Of Not Investing In Innovation Would Be Inevitable Obsolescence: Piyush Goyal To Automakers
Swarajya Staff
Mar 17, 2022, 03:16 PM | Updated 03:16 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Union Commerce and Industry Minister Piyush Goyal has cautioned the automakers that the cost of not investing in innovation would be inevitable obsolescence, an official release said on Thursday (17 March).
Goyal was addressing the Atmanirbhar Excellence Awards and seventh Technology Summit 2022, organised by the Automotive Component Manufacturers Association (ACMA) in New Delhi.
The minister said the government was sensitive to auto sector’s concerns related to chips shortage and the recently approved Semiconductor India Programme with a budget of Rs 76,000 crore would help reduce import dependence and eventually help the country become Atmanirbhar in the arena of chips.
He added that the nimble Government and agile Industry working together collectively could capture markets across the world.
Highlighting India’s capabilities in the field of auto components manufacturing, the minister asked automakers to make greater use of Indian made components, a Commerce Ministry release said on Thursday.
Stating that the Government held back stringent norms regarding import substitution due to Covid-19 and industry assurances on securing equal market access, Goyal urged automakers to buy local and substitute imports.
Goyal gave a four-point call for action to the auto components industry for being future ready. He asked them to invest more in R&D, especially e-mobility, especially and battery tech.
The minister urged the industry to disrupt existing targets, set higher benchmarks for performance and aspire to take five Indian companies in top 50 global automotive suppliers club.
He also encouraged them to identify core competencies and isolate key areas to reduce import reliance.
The minister further called for designing world-class quality standards in the automotive sector.
The minister asked the automotive industry to work on improving the e-mobility ecosystem, including fuel cell vehicles with Hydrogen storage, higher Lithium-Ion battery capacity at low price and better charging infrastructure, the release said.
He cautioned automakers that the cost of not investing in innovation and evolving to meet the needs of the future would be obsolescence, it added.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.