Piyush Goyal asks auto component industry to reduce import dependency

Commerce and Industry Minister Piyush Goyal on Friday asked the auto component industry to start manufacturing machines and reduce import dependency on foreign countries.  “Why should we be dependent on foreign countries, especially some countries with non-market economies or non-transparent economic practices? Why should we be dependent on them for the equipment and machinery that our industry needs?” Goyal said at the Bharat Mobility Global Expo 2025 Components Show.  The minister said that certain companies in India that are still importing automobile components will be out of competition as domestic products are more competitive than foreign ones.  He further urged the industry to consider collaborations with Switzerland, given the country’s expertise in building machines. “Many of them are wanting to invest in India because they have a $100 billion investment commitment as foreign direct investment,” the minister said.  Under the India-European Free Trade Association (EFTA) free trade agreement (FTA) signed last year, EFTA nations have made an investment commitment of $50 billion within 10 years of the agreement taking effect and an additional $50 billion in the next five years. The bloc comprises Iceland, Switzerland, Norway, and Liechtenstein.  The minister urged the industry to scale up the production of components for electric vehicles (EVs) as significant opportunities exist. “I do believe that the time is right to make a five-year action plan on how we are going to move to EVs and by 2030 demonstrate to the world that India is one country that, when we decide on something, we achieve it,” he said, adding that EVs address the challenge of climate change, reduce pollution, lessen India’s dependence on imported crude oil, help shape foreign exchange, and open new export markets.