India's Automotive Mission Plan 2016 targets component turnover of $35-40 billion

The Society of Indian Automobile Manufacturer’s (SIAM) 2015 annual convention in New Delhi has begun today.

In his welcome address, Ramesh Suri, president of the Automotive Component Manufacturers Association of India (ACMA), and chairman of Subros, said: “The Automotive Mission Plan 2016 is aimed at achieving a turnover of US$35-40 billion for the auto component industry. I'm glad to inform you that the automotive component industry has achieved a turnover of US$ 38.5 billion in FY 2014-15.

“The auto components industry grew by 11% last year with exports of US$ 11.2 billion. This was possible only because of the improvements in quality, technology by the components players.

The AMP 2026 aims at achieving a turnover of US$ 200 billion by 2026. ‘Make in India’ will play a major role in achieving goal in another 11 years. To achieve the goals of the AMP 2026, the industry needs to continue the cycle of domestic and international investments.

The automotive industry accounts for 40% of India's manufacturing sector. Hence the industry has a great role to play under Make in India. The prime minister’s initiative resonates well with the objectives of the auto industry.

Tier 2 suppliers in India face challenges like technology, productivity, and quality. We need to work together to help the Tier 2 suppliers overcome these challenges.

The auto component industry aims to achieve 10% of India's manufacturing GDP by 2026. As a part of that, we aim to grow our exports by seven-fold by 2026. I appeal to the entire industry to work together as a team for the automotive industry to achieve the targets of AMP 2026," Suri concluded.