Auto sector to play important role in making India $ 5 billion economy, Auto News, ET Auto

Heavy Industries Union Minister Mahendra Nath Pandey said on Wednesday that India would become a manufacturing hub and the auto sector would play a major role in turning the country into a $ 5,000 billion economy.

The government is very focused on the development of electric mobility and the project work undertaken by the Automotive Research Association of India (ARAI) to establish components and systems for electric vehicles (EVs) is a big step. into the future, said Pandey. as told.

He was speaking at the inauguration of the 17th edition of the Symposium on International Automotive Technology (SIAT) 2021. Organized by ARAI in association with SAEINDIA and SAE International (USA), SIAT 2021 had as its theme “Redefining Mobility for the Future ”in virtual mode for the first time.

“Several companies, including the auto industry, were affected during the pandemic, but they are now recovering. Research, manufacture and procurement of electric vehicle components such as charging points, batteries, fuses, biogas resources and other parts will be supported by the government.

“We believe that progress in the sector will also lead to job creation among young people and that the government’s vision of ‘Atmanirbhar Bharat’ will be realized,” said Pandey.

The Minister noted that the Union Cabinet has approved a 26,800 crore Production Incentive Program (PLI) for the automotive sector focused on promoting the manufacture of electric vehicles and hydrogen vehicles.

ARAI member CV Raman said research and development for electric vehicles is needed. “The Indian automotive sector faces challenges, but we are committed to creating environmentally friendly, safer and more powerful cars to meet the aspirations of the market,” he said.