He was hopeful that the economic and trade agreement (ECTA) with Australia would be passed by their parliament by the end of this year
The negotiations on free trade agreements (FTAs) with several countries are progressing well, said Union Minister of Commerce and Industry Piyush Goyal on Tuesday while addressing the 62nd Automotive Component Manufacturers Association (ACMA) annual session.
He was hopeful that the economic and trade agreement (ECTA) with Australia would be passed by their parliament by the end of this year.
The automotive industry is at the inflection point, poised to grow significantly and we have to expand its footprints internationally and make India a world leader, he said.
Goyal emphasised that the focus should now be on quality and cost competitiveness.
Goyal remarked that the future of the automotive component Industry rests on being more connected, focussing on convenience, orienting towards clean energy and clean mobility and using cutting-edge technology.
He noted that while in the last few years the automobile industry faced challenges of subdued demand and slowdown mainly due to Covid-19, the worst is over now and a record number of sales for two and three-wheelers suggests that the Industry is back on track.
Goyal said the Industry contributes significantly to the GDP, creates jobs, encourages skill development, values talents and has an ecosystem which has a considerable impact on society.
He reiterated the commitment of the government to supporting the Industry through initiatives such as the production-linked incentive (PLI) scheme.
The government is focused on supporting the semiconductor ecosystem also, he added.
Noting that countries across the world are looking for trusted partners and resilient supply chains. The minister said, “I don’t think there is a comparable opportunity of the size and scale of India anywhere else in the World.”