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The Indian Government is taking proactive measures to curtail greenhouse gas emissions and encourage next-generation vehicles and technologies that can minimize carbon footprints, said Union Minister of Heavy Industries Mahendra Nath Pandey while addressing the 63rd Annual Session of Automotive Component Manufacturers Association (ACMA).
Pandey said that the PLI Scheme for the Automobile and Auto Component Industry in India has achieved remarkable success, attracting a proposed investment of Rs 74,850 crores, surpassing the initial target estimate of Rs 42,500 crores over a five-year period. The government has decided to extend the scheme's duration until 2024, adding an extra year to its timeline. Talking to ANI, Sanjay Kapoor, president of ACMA said that the Indian auto component industry stands on the brink of incredible expansion. In FY 2023, we've accomplished an outstanding 33 per cent annual growth, reaching an impressive turnover of USD 70 billion. This milestone underscores the unwavering resilience and fortitude of our sector in confronting challenges. Karn Nagpal, Director, President Rosmerta Technologies said that the economy is growing much higher than compared to other economies around the world. We can see how vibrant is our economy and the automotive ecosystem, which has actually given us the opportunity to open new businesses or attempt new businesses year after year, the director said. Nagpal said that last year, we got into two new businesses, vehicle care and RTO services, in both the b2b as well as the direct-to-customer segment. Here we help. We have our mobile app on MyRaasta for customers. These are just two new businesses for example that we started, which has led to almost a 15 per cent growth in the employee strength of our group. Almost 600 plus people have joined our company in just a year. The economy as well as the auto automotive industry in our country is bound to grow by leaps and bounds in the coming years. (ANI)
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