Union Minister of Heavy Industries, Mahendra Nath Pandey, speaking at the event, emphasized the importance of high-quality and high-tech localization for India to become a global supplier in the constantly evolving automotive industry.
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The minister emphasized the role of a self-reliant India in meeting the increasing demand for advanced technologies and auto electronics, with schemes like PLI (Production-Linked Incentive) providing assistance. Further, citing the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) subsidies, and the Capital Goods scheme, the minister highlighted that these initiatives are propelling the nation towards manufacturing internationally competitive products and generating employment opportunities for the youth.
So far, various initiatives by MHI to curb imports and promote localization, including flagship programs like the PLI scheme for Automobile & Auto Components, have been instrumental in the country’s ambitions, with an outlay of Rs 25,938 crore.
As per SIAM’s data, India exported 53,920 units in the passenger vehicle segment alone, marking a significant 13.13 percent growth as against the 47,660 units shipped in the corresponding month last year. Maruti Suzuki, Hyundai, and Kia were some of the manufacturers behind the highest number of exports. On the other hand, there’s been a recent push in enhancing the quality of the Indian cars in order to encourage the carmakers to meet the global quality standards as MoRTH launched the country’s own car safety assessment program known as the ‘Bharat NCAP’ recently.
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