New Delhi
T V Narendran, President, Confederation of Indian Industry (CII) and CEO and MD, Tata Steel Ltd said that the Indian auto ancillary industry should expand its export list and reach at least 5% of global components trade by 2026. He shared his views at the 61st annual session of the Automotive Component Manufacturers Association of India (ACMA).
He said that India should create capabilities in semiconductors now that electric mobility had started gaining momentum. He added that the Indian auto ancillary industry should try expanding its export list and achieve at least 5% of global components trade by 2026.
The CII President mentioned that the global semiconductor shortage had changed the nature of the industry. He further emphasised the Indian automotive sector to enhance the localisation efforts of its auto components throughout its supply chain.
The global semiconductor shortage started last year and affected several automakers, including Indian players like Maruti Suzuki India, Tata Motors and Mahindra & Mahindra. The general estimate is that the semiconductor shortage might not get resolved until next year.
Source – HT Auto
Image Source: Photo by Michael Dziedzic on Unsplash
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