Commerce and Industry Minister Piyush Goyal asks auto industry to invest more in research and development

Commerce and Industry Minister Piyush Goyal has asked the auto industry to invest more time, effort and funds in research and development (R&D) to support India’s indigenization efforts. He said, it will also help India to provide solutions to other countries instead of being dependent on their R&D for all times to come.

Mr. Goyal was addressing the ACMA’s Atmanirbhar Excellence Awards and Technology Summit 2023 in New Delhi.

He noted that India had entered the Amritkaal and is leading the world in crucial arenas including sustainability and said that the growth of the country's economy and businesses will depend upon levels of investment in technology and R&D. 

He said that as a nation, if India addresses the twin challenges of productivity and quality, it will excel with its technology level, managerial capabilities, skilled workforce and commitment levels. 

Mr. Goyal added that with focus on these two aspects, India will also excel in price competitiveness and succeed in meeting the needs of both India and the world. 

The Minister called upon auto industry to procure local and asked them to support and empower small suppliers to indigenize the entire value chain. He asked the auto components industry to also focus on formalizing the informal portion of the sector to ensure that duplicate components don’t affect India’s credibility in the world market.

He urged the industry to raise their voice against infringement of copyrights and patents.

Mr. Goyal also asked the industry to make an extra effort to educate their customers on the quality of products, the lifetime costs and the risks associated with low-quality products.

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