In ongoing negotiations for a Free Trade Agreement (FTA) with India, countries, including the UK, are eyeing a substantial share in India’s burgeoning automobile sector, Commerce Secretary Sunil Barthwal disclosed. Emphasizing India’s pivotal role in auto manufacturing, Barthwal highlighted the nation’s comprehensive capabilities in the entire value chain, from assembly to the production of auto-grade steel, components, and tires.
As the automotive industry transitions from conventional internal combustion engines (ICE) to Electric Vehicle (EV) battery-based systems, the UK seeks duty concessions, especially in the EV segment. Commerce Minister Piyush Goyal urged the industry to target exporting at least 50% of vehicles manufactured in India, stressing the need for diversification and the Bharat Mobility Global Expo 2024 as a catalyst for industry growth.
Goyal underscored India’s advantages, including scale, a large domestic market, skilled labor, technological expertise, managerial talent, and encouraged a proactive approach by industry stakeholders to seize global opportunities. The expo, scheduled to commence on February 1 in New Delhi, will showcase cutting-edge technologies, mobility solutions, and feature over 600 exhibitors from 50 countries.
Key highlights of the expo include specialized exhibitions such as an auto show (including electric and hybrid vehicles), ACMA Automechanika, a large-scale tire exhibition, urban mobility solutions, an EV Infra Pavilion (including charging stations and battery swapping), and international participation from countries like Japan, Germany, Korea, Taiwan, and Thailand.
The CEO Conclave will bring industry leaders together to discuss the future trajectory of the mobility industry, while NASSCOM will showcase India’s prowess in automotive software capabilities, advanced technology, and innovation ecosystem during the event.
By PTI
