Goyal urges auto component makers to cut imports, target $100 bn exports

Commerce and Industry Minister Piyush Goyal on Monday asked Indian auto component makers to explore ways to cut reliance on imports and boost local manufacturing to make the country a net exporter of these products.

The minister also urged these companies to target USD 100 billion in exports by 2030.

Addressing the auto component industry here, he expressed his concern over the continued reliance on foreign suppliers and encouraged domestic manufacturers to enhance local production capabilities.

"Many of our component manufacturers still import, I do not know whether (due to) any compulsion or voluntarily, their needs of inputs from Korea, Japan, Taiwan and one of the neighbours.

"I do not understand why even two or three levels down, we cannot plan to become indigenous suppliers and manufacturers so that we can then start supplying those components to other countries," Goyal said.

With the huge Indian market and global opportunities, the industry can increase the exports to USD 1