Auto industry working to cut imports by half

New Delhi: India’s vehicle and automotive component makers are looking at halving imports in the next 4-5 years in line with the government’s vision for an ‘Atmanirbhar Bharat’.

Mahindra & Mahindra Managing Director Pawan Goenka who heads the steering committee for advancing local value addition said, “India imports components valued at Rs 1 lakh crore. We want to bring this down by 50% in the next 4-5 years by eliminating gaps in competitiveness, costs, technology and quality.”

Elaborating on the government’s efforts to increase exports out of the country, Minister of Commerce Piyush Goyal said that the government will look at reviewing FTAs to ensure fair access to India. Talks have already started with Australia and Indonesia.