IGI Logo

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

Goyal said ‘it is extremely unfortunate that if any of our Indian promoters who have put in their sweat and blood to develop ancillary suppliers for the auto firms are forced out of their contribution or their partnership...I am told that this is prevailing in this industry...we would trying to know if there are any such instances.’ 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.

Expressing concern, the minister 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. He urged the industry to develop the entire mobility ecosystem in India, become global suppliers, and make the country self-sufficient in the sector. He further said focus on areas like e-vehicles and hydrogen fuel cells would help India cut its huge dependence on oil, which puts a burden on the exchequer.