According to Mr. Anant Gangaram Geete, Minister for Heavy Industries and Public Enterprises, Government of India, it is the Government’s endeavor to make the New Auto Policy industry-friendly. We are trying to make a foolproof policy, to ensure the success of Make in India, he added. The Minister was speaking at the 2nd India-Korea Business Summit 2018 organised by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India.
The Minister stated that it would be his Ministry’s endeavor to continuously adapt and modify the policy so as to keep up with the changing times. Inviting Korean companies to invest in India, the Minister stated that Korean companies could consider developing technology in India.
Dr. Asha Ram Sihag, Secretary, Department of Heavy Industry, stated that his Department is in the process of finalizing the National Automotive Policy which would help create a more enabling environment for the sector. It provides the policy stability that overseas investors seek.
Mr Vishvajit Sahay, Joint Secretary, Department of Heavy Industry, stated that the automotive industry contributes 7.1% of GDP & 49% of Manufacturing GDP. It also accounts for 8% of India's exports & 7-8% of employment.
While giving an overview of the Indian Automotive Industry, Dr. Pawan Goenka, Managing Director, Mahindra Group, stated that Indian and Korean automotive companies could work together in terms of investing in R&D, sourcing of auto components from India, tooling & advanced materials as well as software development.
Mr. Nirmal Minda, President, Automotive Component Manufacturers Association (ACMA) stated that auto components sector is the flagship manufacturing sector in India accounting for 49% of the overall manufacturing output in the country. It is the largest employment creator and exports 25% of its output.
Mr. Vikas Jain, Assistant Vice President, Hyundai Motors India and Mr. Manohar Bhat, Head of Marketing and Sales, highlighted their respective companies' experience of investing in India.
Mr.K Gnanadesikan, Additional Chief Secretary, Department of Industries, Government of Tamil Nadu, Mr. Jayesh Rajan, Principal Secretary, Department of Industries and Commerce, Government of Telengana and Mr. J Krishna Kishore, Chief Executive Officer, Andhra Pradesh Economic Development Board highlighted the automotive and investment policies of their respective states.
February 27, 2018