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Our target is to manufacture 5 lakh EV three wheelers by 2024: Dr Mahendra Nath Pandey
Jan 12, 2023

Our target is to manufacture 5 lakh EV three wheelers by 2024: Dr Mahendra Nath Pandey


“Our target is to manufacture 5 lakh EV three wheelers, at least 55,000 EV four wheelers and 7000 EV buses by 2024” stated Dr Mahendra Nath Pandey, Hon’ble Minister of Heavy Industries, Government of India, at the inaugural ceremony of the 16th Auto Expo Components Show 2023, jointly organized by the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Confederation of Indian Industry (CII). Already more than 3900 EV buses are operational in the country currently and efforts are ongoing on charging infrastructure, the Minister added.

Dr. Pandey emphasized the significant contribution of the auto components industry in India’s GDP and stated that the Government’s conducive policies as well as active participation of the people over the years have greatly encouraged the components manufacturing industry. The policies have also helped India become a major exporter of auto components, exports of which stood at around US$ 19 billion in FY 2022, the Minister stated.

Speaking on the various schemes and incentives that have helped expand the sector, Dr Pandey stated that the PLI schemes launched for the auto components sector, along with the FAME scheme attracted significant investments to the country. Around INR 68,000 crore of investments were drawn under the OEM and components industry through the PLI scheme, he added. The Minister in this regard also added that Government is working on providing a robust infrastructure for the sector in the country and will provide full support to the sector to make India a global manufacturing hub.

Dr Pandey also stressed on the critical issues of safety and the prevention of accidents in India and stated that there is greater dialogue required on this topic. He also added that many centers of excellence have been opened up on capital goods across the country, which in turn will boost the growth of the auto components sector.

The Minister urged private players, the Indian Industry and citizens of the country to come forward to support Prime Minister Narendra Modi’s Panchamrit call. “Our policies, decisions and initiatives must be such so that India becomes the most developed nation in the world” he added.

Mr. Sanjiv Bajaj, President, CII, stated that improving cost effectiveness was an imperative for India to become a global leader in the auto industry. He added that the Auto Expo will contribute immensely to unleash the true potential of India’s auto components sector.

Mr. Sunjay J Kapur, President, ACMA stressed on the need to focus on R&D, innovation, and localization for eco-friendly mobility solutions.

Mr. Vinnie Mehta, Director General, ACMA, urged people to come forward to make the Auto Expo a grand success.


12 January 2023

New Delhi

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