New Delhi, Sep 9 (IANS): The auto component sector is projected to reach the $100 billion export target by 2030, making the industry one of the largest job creators in the country, Union Minister of Commerce and Industry, Piyush Goyal, said on Monday.

Addressing the 64th annual session of Automotive Component Manufacturers Association of India (ACMA) in the national capital, Goyal said that as India is progressing to become the third largest economy in the world in terms of gross domestic product (GDP), the auto sector must also strive to become the world leader from currently being the third largest auto market in the world.

The minister encouraged the industry members to focus on Research and Development (R&D), urging them to take benefit of the Rs 1 lakh crore Anusandhan National Research Foundation (ANRF) fund and utilise it to support public-private academia partnerships in the auto sector.

He urged the industry leaders to set a roadmap to achieve the target.

“India’s auto sector is well poised to attract investment from abroad and the industry can explore investment from EFTA countries,” said Goyal, adding that the country should be ready to capture the opportunities in new-age technologies like electric vehicles (EVs) and its related ecosystem along with other upcoming opportunities like bicycle sector.

The minister also urged the industry to become indigenous suppliers and manufacturers become a leading exporter of auto components.

Government is committed towards making India ‘Viksit Bharat’ by 2047.

Goyal lauded ACMA for their theme of ‘Viksit Bharat’, fostering self-reliance and promoting global competitiveness reflecting the spirit of new India.

He said that the efforts of the government towards ‘Atmanirbhar Bharat’ (self-reliant India) is bringing a change.

The minister also urged the industry stakeholders to educate customers, especially for commercial vehicle owners, on the usage of OEM (original equipment manufacturer) products for their value for money, quality, cost-effectiveness and longevity they provide in terms of repairs and spares.