The Society of Indian Automobile Manufacturers (SIAM) hosted the Automotive Sourcing Conclave 2024, centered on the theme “Building Resilient Supply Chains.” The event highlighted strategies to fortify the supply chain landscape in India’s automotive sector, aligning with the nation’s self-reliance aspirations.
Government officials, industry leaders, and supply chain experts discussed the path to a robust and future-ready ecosystem essential for sustainable growth. The conclave focused on three pivotal themes: strengthening the supply chain ecosystem for electrified vehicles to support EV growth, adopting cutting-edge innovations to ensure technological preparedness for future-ready sourcing, and harmonizing regulatory compliance with operational resilience to achieve stability and competitiveness in the automotive sector.
Dr Hanif Qureshi, Additional Secretary, Ministry of Heavy Industries, highlighted the government’s commitment to localization, emphasizing the transformative impact of initiatives like PM eDRIVE and FAME. He noted that INR 18,000 crore has been invested to boost domestic production, underscoring the government’s proactive role in strengthening India’s automotive supply chain ecosystem.
Vimal Anand, Joint Secretary, Ministry of Commerce, reaffirmed the government’s support for MSMEs and innovation-driven initiatives to minimize import dependency. He emphasized the importance of nurturing local enterprises and fostering technological advancements to bolster the sector’s resilience and global competitiveness.
Former SIAM President, Vinod Aggarwal, shared SIAM’s ambitious goal of reducing imports by INR 25,000 crore within five years, focusing on localizing critical components. Meanwhile, Shradha Suri Marwah, President of ACMA, highlighted the auto component sector’s strong performance, achieving a turnover of USD 74 billion in FY2024, and stressed the growing relevance of domestic manufacturing, particularly in the context of rising electronic content.
Sunil Kakkar, Chairman, SIAM Aatmanirbhar Bharat Sourcing Group, praised the industry’s contribution to India’s manufacturing GDP and the reduction of net imports by INR 7,000 crore, attributing this progress to localization efforts. Co-Chairman Sachin Kulkarni emphasized the industry’s focus on environmental responsibility by promoting alternative fuel powertrains to reduce oil dependency and align with sustainable development goals.
Esteemed speakers shared insights on fostering innovation, sustainability, and operational efficiency to maintain global competitiveness. The conclave reiterated the collective commitment to advancing India’s automotive sector with resilient, sustainable, and future-oriented supply chains.
SIAM is the apex body for vehicle and engine manufacturers in India. It promotes the automotive industry’s growth, environmental responsibility, and user safety while contributing to India’s economic development. Recognized for its charitable objectives, SIAM remains pivotal in driving the industry’s vision of a self-reliant and globally competitive future.
