The Automotive Component Manufacturers Association of India (ACMA) held its 64th Annual Session, focusing on the theme ‘Viksit Bharat - Fostering Self-Reliance & Global Competitiveness in Mobility Components. At the event, Union Minister of Road Transport & Highways, Nitin Gadkari, and Union Minister of Commerce & Industry, Piyush Goyal, reiterated the government's commitment to boosting India's self-reliance.
Gadkari underscored India’s recent milestone of surpassing Japan to become the world’s third-largest automotive market, valued at Rs. 22 lakh crore. He highlighted the role of advancements in semiconductor and lithium-ion battery production in reducing imports, alongside the sector’s contribution to job creation and GST revenue. He also emphasized the ambition for 8-10 per cent sectoral growth in the next two years, with the long-term goal of making India the world’s leading automotive manufacturing hub.
Goyal further stressed the importance of self-reliance in a rapidly globalising world. With India's GDP projected to become the third-largest in the next three years, the auto component industry is poised for a significant leap. Goyal’s vision is for the sector to target $100 billion in exports by 2030, making it one of India’s largest job-creating sectors.
Another highlight of the event was the unveiling of the ACMA Mobility Foundation by H.D. Kumaraswamy, Union Minister of Heavy Industries. This initiative is set to integrate the software, electronics, and startup ecosystems with the automotive sector, with a clear emphasis on fostering innovation and collaboration. The Foundation is expected to significantly enhance India’s competitiveness, especially as the nation races towards advanced automotive solutions and technologies. This is a clear statement of intent: India is positioning itself as a global leader in mobility solutions.
Shradha Suri Marwah, President of ACMA, marked this moment as a pivotal opportunity for India, emphasizing the significance of the ACMA Mobility Foundation’s launch coinciding with World EV Day. This step signals the industry’s firm commitment to future-ready, sustainable mobility solutions.
ACMA, in collaboration with McKinsey & Co., presented a joint report titled ‘Scaling Global Competitiveness and Self-Reliance,’ highlighting the growth trajectory of the auto components industry. The sector has been growing at a compound annual growth rate (CAGR) of 7-8 per cent, with projections of reaching a market size of $200 billion by 2030. The report stressed the need for continued investment in research, development, and innovation to remain competitive internationally, along with the importance of improving quality and sustainability standards.
_20241220203742_original_image_46.webp)
