New Delhi: Global synergy and international collaboration with other countries are necessary to achieve the ambitious 49% CAGR for electric vehicles (EVs) by 2030. The Government schemes such as FAME (Faster Adoption and Manufacturing of Electric Vehicles) and the Production Linked Incentive (PLI) scheme for advanced chemistry cells are positive steps to developing a robust EV ecosystem, Dr. Hanif Qureshi, Additional Secretary for the Union Ministry of Heavy Industries, said.
In his keynote address to the Asia Brake Conference 2024 in New Delhi on Monday, Qureshi said, the government’s focus on sustainable transportation and cleaner fuels was evident in the initiatives like the promotion of electric vehicles and the ethanol blending program. The PLI scheme was a INR 26,000-crore initiative supporting manufacturers of advanced automotive products, including hydrogen components and Advanced Driver Assistance Systems (ADAS), he added.
Valued at USD 151 billion, the automotive sector contributes 7.1% to India’s GDP and makes up 42% of the manufacturing sector. He said that the government is committed to enhancing the global competitiveness of the Indian automobile manufacturing sector which plays a crucial role in job creation and overall economic development.
Qureshi remarked that the conference was about propelling the automobile industry forward and provided an overview of the Indian automotive landscape. The collective wisdom shared during the conference would contribute to the growth of the Indian automobile industry as it was not just about technical discussions but a collaborative journey toward a more sustainable and innovative automotive future for India.
Asia Brake 2024, the 10th Annual Conference & Exhibition, during March 3-5, 2024, at The Leela Ambience Gurugram, Delhi, brought together leaders, experts, and enthusiasts to explore the latest advancements and trends in brake systems engineering.
The event had the presence of leading OEMs and component manufacturers from the domestic and international markets, including Maruti Suzuki India Limited, Brakes India Private Limited, Brembo Brake India, and Hitachi Astemo India Ltd among others.
