The Indian auto components industry is one among the fastest growing in the world with its rich contribution to the country’s GDP. The sector is expected to grow to a level of $100 billion by 2020. Among the major growth drivers of the industry is the Automotive Mission Plan (AMP) 2026.
This was stated by Mr. J. Sridhar, Member of ACMA Executive Committee and ACMA Zonal Coordinator (Chennai & nearby), and Chief Executive Officer, Magal Engg. Tech Pvt. Ltd., while making his presentation at the seminar on Taiwan Automobile Manufacturing Forum.
He said the machine tool industry’s growth is closely linked to the expansion activities of auto components and vehicle manufacturers. India has proved a vibrant economy, with its large number of vehicles ranging from two-wheelers to commercial vehicles offering immense potential for component sourcing. Also, with the greater focus on innovation and research by global MNCs, technology plays a major role.
In the changing scenario, it is essential that more attention has to be paid to automation and artificial intelligence so as to maintain cost-effective production in different sectors. All the more so, with the change in the automobile regulatory norms. There is also growing engineering and IT capabilities for designing and manufacturing.
The presentation made by Mr. Sridhar was indeed an eye-opener for the Taiwanese delegates.