Auto sector contributing 14-15% of total GST collected by GoI: SIAM President Vinod Aggarwal 

SIAM President Vinod Aggarwal 46th annual ACMA convention stated that the auto sector was contributing almost 14 to 15% of the total GST collected by the government of India. 

"Auto sector also contributes significantly to the direct and indirect employment transition in the country. In global standing, Indian auto industry has become third largest passenger vehicle market, followed by largest two-and-three wheeler markets and third largest commercial vehicle market...I'm sure auto industry will contribute more and more towards the GDP of the country from the current level of around 6.8%," he said.

Besides the numbers, Aggarwal stated that equally important was the transformation in the technology that has happened over the years. "Again, this is apart from our very strong capability in conventional internal commercial Indian technologies such as gasoline and diesel, which has enabled us to adopt BS6 phase two emission norms and various Indian fuel economy standards," he said. 

He added that this industry has now developed strong capabilities in multiple pathways, like gaseous fuels such as CNG and LNG, biofuels such as ethanol and flex fuels, electrified vehicles such as electric vehicles and hybrids, and is also developing vehicle capable of being parked using hydrogen, both in ice as well as fuel cell technologies. "This is simulation of multiple technologies. Is the testimony to the partnership of OEMs with the component and technology suppliers," he said.

He also thanked the Ministry of Heavy Industries for identifying the need to develop the third automotive mission plan from 2024 to 2047 which will lay down the roadmap of how the industry is supposed to grow over years in three distinct phases, from now to 2030 from 2030 to 2037 and finally, 2037 to 2047. 

"Automotive mission plan will become a guiding document, not only for the entire automobile and the auto component industry, but will also serve as ready reckoner for all the nine ministries of government of India, and also to many state governments for framing suitable policy measures that need to align with the growth and research," he said, adding that for the auto sector in the third automotive mission plan, he looks forward to receiving the final document on the automotive mission plan today.