Speaking at the inaugural session of two-day industry event ACMA Automechanika, he noted that the initiative would also help the industry to reduce imports of sub standards components. “The Automotive Component Manufacturers Association (ACMA) and Society of Indian Automobile Manufacturers (SIAM) are working closely to enhance deep localisation in the auto component sector which will further increase our price competitiveness in the global market,” Jain said.
This will not only help us in enhancing exports, but will also help curb import of spurious and sub-stand components that are imported solely for the reason of being better priced, he added. Jain said the recently announced PLI scheme is aimed at enhancing the industry’s export competitiveness by incentivising the industry.
“A huge outlay of Rs 57,000 cr has been made for the entire automotive industry. All these measures augur well for auto components exports including those for the aftermarket,” he added.