The final session of SIAM’s 64th Annual Convention highlighted the twin objectives of enhancing indigenous manufacturing and boosting exports within the Indian automotive sector. The event, themed “Aatmanirbhar in Automobile Supply Chain & Leveraging India’s Potential in Global Markets,” underscored the need for greater self-reliance and localization in the industry.
Vinod Aggarwal, President of SIAM and Managing Director & CEO of Volvo Eicher Commercial Vehicles Ltd., emphasized the importance of self-reliance in the automotive supply chain. He stated, “Our goal under the ‘Make in India’ initiative is to cut imports of components and materials by 16-20% by 2027, thereby strengthening local production. We have highlighted 50 key components, including electronics and electrical items, and are urging ACMA members to invest and produce within India.”
Sunil Barthwal, Secretary of the Department of Commerce, Ministry of Commerce and Industry, Government of India, acknowledged the critical contributions of SIAM and ACMA to the automotive value chain. He noted, “As India aims for net-zero emissions by 2070, the auto sector is on the brink of significant changes. With strong demand from markets in the US, EU, and Africa, we are well-positioned to expand our export reach.”
Dr. V. Anantha Nageswaran, Chief Economic Adviser to the Government of India, pointed out, “India’s economy is set to grow at 6-6.5%. The industry must prioritize R&D and consider the electric vehicle transition in light of our country’s resilience in securing critical materials for EVs.”
Shradha Suri Marwah, President of the Automotive Component Manufacturers Association (ACMA) and Chairperson & Managing Director of Subros Ltd., highlighted the importance of supply chain resilience for global competitiveness. She remarked, “By aiming for $300 million in exports and a 6% increase in localization, we are positioning ourselves as a leader in innovation. Our investment in R&D reflects our confidence in India’s potential to become a global technology hub. Congratulations to SIAM for driving excellence in the sector.”
SIAM, the Society of Indian Automobile Manufacturers, is a prominent national organization representing major vehicle and engine manufacturers in India. It focuses on promoting industry growth, social responsibility, and safety, with a registered charitable purpose under the Societies Registration Act, 1860, and the Income Tax Act, 1961.
