Innovation & Sustainable Practices To Drive India's Automobile Industry India's automotive future is bright, with innovative clean energy technologies and bio-fuels, reducing dependency on imports and enhancing exports
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
As we aim to transform India into a developed country by 2047, substantial effort is required across various sectors. The automobile industry is keeping pace and setting the standards: Contributing 6.8 per cent to the GDP and witnessing an impressive 12.5 per cent growth last year alone, the industry's turnover has soared to INR 20 lakh crore.
Prime Minister of India, Narendra Modi, emphasized on the need for the automobile sector to set an example for others to follow, he said, "The road ahead demands that our progress is rapid while also being sustainable. Working on greener and cleaner mobility is a vital step in this direction."
Attaining global leadership in sustainable mobility demands auto companies to focus on critical future areas such as hydrogen utilization, adoption of circular economy, and shared mobility solutions. "We will explore strategies for aggressive localization in India's manufacturing sector. Additionally, we will look at methodologies to position India among the top five low-cost manufacturers globally, leveraging our unique capabilities and innovations," said Shailesh Chandra, MD, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd.
India's automotive future is bright, with innovative clean energy technologies and bio-fuels, reducing dependency on imports and enhancing exports. Inspired by Prime Minister Modi's vision for decarbonisation, Industry's mindful consumption and circular economy can propel India to become a world leader in sustainable practices. Sharing a similar outlook, Škoda Auto also aims for CO2-neutral production by 2030, utilizing green energy and managing resources sustainably.
"Industry and government's net-zero target and sustainability should ensure that policies are customer centric. Role played by auto component manufacturers in India is phenomenal as we continue to deliver world class products in India and across the globe," said K N Radhakrishnan, director and CEO, TVS Motor Company.
Nitin Gadkari, union minister of Road Transport & Highways, government of India, highlighted the government's initiatives and vision for sustainable transportation, "The automobile industry plays a pivotal role in realizing the Prime Minister's vision of transforming India into a 5 trillion-dollar economy and elevating it to the third largest economy globally. Our ambition is to extend it as the number one auto manufacturing industry worldwide. As we target a carbon-neutral status by 2070, innovation and sustainable practices in the auto sector are crucial."
The speakers were speaking at the 64th Annual Convention of the Society of Indian Automobile Manufacturers (SIAM)
