Minister for Heavy Industries J Geetha Reddy on Wednesday stated India is emerging as key auto components centre in Asia and a global outsourcing hub for auto parts.
Addressing the gathering after inaugurating Bus and Special Vehicle Expo at Hitex in Madhapur, being organized under the aegis of Confederation of Indian Industry and Society for Indian Auto Manufacturers, the Minister stated the automotive industry has a strong multiplier effect capable of being the driver of economic growth and creates large-scale employment opportunities.
“Domestic passenger car sales rose by 38 percent growth during October 2010 against 26 percent during October 2009. The strong sales have made India the second fastest growing market and second largest producer of motorbikes in the world after China,” she pointed out.
Ms Geetha Reddy said that, “to accelerate and sustain growth in the automotive sector—Automotive Mission Plan 2006-16 has been prepared by Government with an aim to make the country a global automobile hub accounting for more than 10 pc of the GDP by 2016.”
She said that the state is the second largest power hub in the country and is expected to emerge as the power capital of India by 2014.
The Minister said that APIIC was developing exclusive automotive parks near Toopran and Chevella on the outskirts of capital and at Naidupet in Nellore district.
Association of State Road Transport Undertakings, Executive Director U Sudhakara Rao, Confederation of Indian Industry vice-president Jayadev Galla and Akash Passey of SIAM also spoke.