The Society of Indian Automobile Manufacturers (SIAM) hosted the SIAM Automotive Sourcing Conclave 2024 under the theme “Towards Building a Resilient Supply Chain.”
The event focused on fostering resilient supply chains to support the evolving automotive industry, aiming for sustained growth and alignment with India’s self-reliance goals. Senior government officials, automotive industry leaders, and supply chain experts attended to discuss strategies for creating robust and future-ready supply chains.
The conclave featured three key sessions: “Strengthening the Supply Chain Ecosystem for Electrified Vehicles,” “Preparedness for Futuristic Technologies,” and “Balancing Regulatory Compliance vis-a-vis Supply Chain Resilience.” These discussions addressed solutions to enhance electric vehicle supply chains, adopt emerging technologies in sourcing, and harmonise regulatory compliance with operational resilience to maintain competitiveness.
Dr. Hanif Qureshi, Additional Secretary, Ministry of Heavy Industries, emphasised the automotive industry's critical role in driving India's economy and supporting the Aatmanirbhar Bharat initiative. He noted that government efforts, including schemes like PM eDRIVE, are boosting local production and R&D while reducing import dependence. Dr. Qureshi highlighted that the localisation schemes have attracted investments of Rs 18,000 crore as of March 2024. He also mentioned plans to update the list of critical components under the FAME schemes, reducing the items to 8 or 9, as others are now manufactured domestically.
Vimal Anand, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, reaffirmed the government’s commitment to strengthening domestic manufacturing and supporting MSMEs and Tier 2 and 3 vendors. He emphasized the need for home-grown companies to develop advanced technologies and highlighted the government’s collaboration with the auto industry to address supply chain concerns and regulatory requirements.
According to Vinod Aggarwal, Immediate Past President of SIAM and Managing Director & CEO of Volvo Eicher Commercial Vehicles Ltd., SIAM and ACMA have been actively supporting Aatmanirbhar Bharat through deep localisation initiatives, targeting a reduction in imports of Rs 25,000 crore over five years. He mentioned that industry stakeholders have submitted a list of 50 critical components for local sourcing and acknowledged the importance of the government’s PLI schemes in building global competitiveness and resilience.
Shradha Suri Marwah, President of ACMA and Chairperson & Managing Director of Subros Ltd., noted that the auto component industry achieved a turnover of USD 74 billion in FY2024, with USD 63 billion in domestic sales to OE She attributed this progress to the collective efforts of OEMs, suppliers, and stakeholders. She also discussed ACMA’s plans to partner with SIAM and the government for another study on localisation, focusing on rising electronic content across the value chain.
Highlighting the automotive sector’s contributions, Sunil Kakkar, Chairman of the SIAM Aatmanirbhar Bharat Sourcing Group and Senior Executive Director – Corporate Planning at Maruti Suzuki India Ltd., shared that the industry has achieved a net import reduction of Rs 7,000 crore, surpassing targets set under the Make in India initiative. He emphasised the importance of localisation and government support in building resilient supply chains, contributing to India’s vision of a developed nation by 2047.
Sachin Kulkarni, Co-Chairman of the SIAM Aatmanirbhar Bharat Sourcing Group and Executive Director – Corporate Procurement at Skoda Auto Volkswagen India Pvt Ltd., stressed the collaborative efforts of SIAM, ACMA, the government, and stakeholders in advancing localisation. He noted the industry’s commitment to environmental responsibility and the development of alternative fuel powertrains to meet quality standards and reduce oil imports.
Industry leaders and experts such as Niranjan C of Amararaja Advanced Cell Technologies, Hirendra B Divgi of Divgi Torq Transfer Systems Ltd., Vishwas Deshpande of JSW MG Motors, Badrish Sinha of Volvo Eicher Commercial Vehicles Ltd., and Krishan Kohli of Kalyani Strategic Management Services Ltd. shared insights on enhancing sustainability, embracing innovation, and streamlining processes for global competitiveness.
The SIAM Automotive Sourcing Conclave 2024 underscored the collective commitment of industry stakeholders to develop a resilient, innovative, and sustainable supply chain ecosystem that supports the growth of India’s automotive sector.