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ACMA Champions Self-Reliance And Global Competitiveness In 64th Annual Session
The Automotive Component Manufacturers Association of India (ACMA) recently held its 64th Annual Session, focusing on the theme 'Viksit Bharat - Fostering Self-Reliance & Global Competitiveness in Mobility Components.’ The event saw participation from key government and industry leaders.
Shri Nitin Gadkari, Union Minister of Road Transport & Highways, highlighted India's achievement in surpassing Japan to become the world's third-largest automobile industry. He noted that advancements in semiconductor and lithium-ion battery production would significantly reduce imports within the next 2-3 years. He also mentioned the sector's role in creating 4.15 lakh jobs and contributing to GST, predicting an 8-10% growth by 2024-25.
ACMA-McKinsey Report Unveiled
A significant highlight was the release of a joint report by ACMA and McKinsey & Co., titled 'Scaling Global Competitiveness and Self-Reliance.’ This report outlines the industry's robust growth trajectory, with a compound annual growth rate (CAGR) of 7-8%, projecting a market size of $200 billion by 2030. It calls for strategic actions such as leveraging export opportunities, increasing investments in R&D and innovation, and improving quality and sustainability standards to maintain a competitive edge globally.
Shri Piyush Goyal, Union Minister of Commerce & Industry, emphasized transforming India into a developed nation by 2047 while advocating for self-reliance on the global stage. He noted that with India's expected rise to the third-largest GDP in the next three years, the auto component industry will grow in tandem, targeting $100 billion in exports by 2030.
New Initiatives Launched
Shri H.D. Kumaraswamy officially launched ACMA's latest initiative, the ACMA Mobility Foundation. This initiative aims to integrate stakeholders from software, electronics, and startup sectors to foster innovation and collaboration in the automotive industry. The foundation is set to transform India's mobility landscape and position the country as a global leader in advanced automotive solutions.
In collaboration with the Gates Foundation and Good Business Lab, ACMA introduced a new project focused on enhancing gender diversity in manufacturing. This initiative will develop best practices and guidelines to promote more inclusive workplaces across the auto component industry.
Ms. Shradha Suri Marwah, ACMA President and Chairperson & Managing Director of Subros, described this moment as pivotal for India, marking significant progress and opportunity. She emphasized that launching the ACMA Mobility Foundation on World EV Day underscores the industry's commitment to future-ready mobility solutions.
Industry Excellence Recognised
The event also honoured industry excellence with awards such as the Quality Circle Competition Award and the new Gender Diversity Award. Team 'Strategic Squad’ from ZF Rane Automotive India Pvt. Ltd., Trichy won the 19th ACMA National Quality Circle Competition. Team 'Infinity’ from RSB Transmissions (I) Ltd., Jamshedpur received the Gender Diversity Award, highlighting ACMA’s commitment to recognising innovation, quality, and inclusiveness.
Mr. Vinnie Mehta, Director General of ACMA, praised the event's success as a reflection of ACMA’s dedication to fostering a self-reliant and competitive automotive industry. He affirmed their commitment to setting new benchmarks in quality and sustainability while supporting a transition to a circular automotive ecosystem.
Over 1,200 delegates attended this event including OEMs, component manufacturers, government officials, and other industry stakeholders.
Shri H.D. Kumaraswamy spoke about India's progress towards self-reliance noting that initiatives like PLI scheme and FAME II have driven sector growth and localisation significantly. He highlighted how these initiatives contribute substantially to GDP and employment within the auto component sector.
The session brought together distinguished figures such as Dr. Pawan K. Goenka; Mr Vinod Aggarwal; Mr Hisashi Takeuchi; Mr Sanjiv Puri; Shri Jitin Prasada; among others who shared insights on various aspects impacting India's automotive sector development.
This comprehensive gathering underscored collective efforts towards achieving global competitiveness while fostering self-reliance within India’s mobility components sector.
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