Auto Sector has huge responsibility of Employment Generation – Nitin Gadkari addresses 60th Annual Convention of SIAM
07 September 2020: Addressing the 60th Annual Convention of SIAM (Society of Indian Automobile Manufacturers), held virtually, Union Minister for Road Transport and Highways Nitin Gadkri has said that automobile industry is one of the largest contributors to the manufacturing GDP of the country and is a sector that has the highest number of employment.
He noted that vehicle manufacturers have implemented regulations crucial to vehicle safety such as crash norms, ABS, airbags, seat belt reminder, reverse parking assist, VTS, etc. These regulations have brought the auto industry in India at par with the global auto industry. This has been possible with extraordinary coordination and commitment of Indian automobile industry. He applauded the automibile industry in leap-frogging to BS-VI standards.
The Minister added that this century has been defined by the rise of digital and connected features that have become an integral part of life. With the cooperation of the industry, electronic toll collection with FASTag was successfully implemented. With its linking to the Vahan portal, FASTags would enable toll crossings seamless and smooth.
In his address, Union Minister of Commerce & Industry and Railways Piyush Goyal has said that in the auto sector, we should move towards global dominance, in terms of auto components & automobiles. He said that Design, Packaging and Brand Building these are 3 pre-requisites for Indian companies if they want to offer products across the world.
He said that the automakers that hold a sizeable chunk of the country’s auto market pay millions of dollars as royalty to their parent companies. Reduction in Royalty can help them reduce the cash outflow, bring down the vehicle prices and help in boosting their domestic sales.