Piyush Goyal asks auto companies to cut import dependence

New Delhi: Commerce and industry minister Piyush Goyal on Wednesday expressed disappointment over certain auto companies continuing to import even those components which can be qualitatively manufactured in India. The minister also said he has been told that some Indian auto component manufacturers have been forced to sell their shareholding cheaply by automobile makers.

He urged the industry to cut import dependence, focus on R&D, increase innovation, buy goods from domestic firms and be open for global competition. "I am extremely disturbed to see some companies, who continue to be dependent on imports even for products where India has the ability to provide them good quality goods," Goyal said while speaking at ACMA Aatmanirbhar Excellence Awards here.

Expressing concern, he also said some firms do not use high-quality Indian steel and instead rely on imports. He pointed out that continuous dependence on imports would make India an "assembly shop".