Auto majors must take advantage of sops: Arun Goel
The Center will continue to support the auto industry, but it will be the responsibility of individual actors to strategize and succeed by taking advantage of the incentives, according to Arun Goel, secretary of the Ministry of Heavy Industries.
He was responding to a question about the exit of automotive players like Ford from the Indian market.
“Support the industry”
“We are not looking at a specific company. We support the whole industry. We offer a level playing field compared to any other country in the world.
“Our role is that of a facilitator and we want to attract investments through various programs such as the PLI system. It is up to each company to determine how it fits according to its business strategy, ”he said after interacting with industry players in Chennai on the production incentive program. (PLI) for the automotive industry. Highlighting the potential of the industry, he said India’s auto sector had received $ 34.5 billion in investment in the five years leading up to Covid. “If the Indian automotive ecosystem was not attractive, why would these investments have come,” he added.
The auto industry continues to see investment and job growth. In addition, exports are on the rise. The domestic sales and exports of the Indian automotive industry have increased at a CAGR of 8-10% over the past five years. So it’s a success and an encouraging story, said Goel.
He also pointed out that the PLI program would encourage existing component players to take the manufacturing of advanced automotive technology products to the next level.