Demand for trusted partners in global supply chains: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal has called upon the Indian automotive component manufacturers to work in the spirit of cooperation, collaboration and commitment and compete with the rest of the world and grow with confidence.

Addressing Automotive Component Manufacturers Association (ACMA)'s 60th Annual Session on Saturday, he said there is a huge demand for trusted partners in resilient global supply chains.

According to an official release, the Minister said that the industry is ready for the future and going to emerge victorious in the post-COVID world.

"It is only in the time of crisis that best comes out of our orgsation. Through trade promotion, technology upgradation, quality enhancement, measures to collect and disseminate information, ACMA can be at the forefront of this new normal", he said.

Goyal said that the entire country adopted Prime Minister Narendra Modi's clarion call of Aatmrbhar Bharat to engage with the rest of the world from a position of strength and confidence.

He said, "there is a huge demand for trusted partners in resilient global supply chains".

"We will expand our global engagement. We see huge opportunities to expand businesses and provide truly high-quality products at competitive prices and become that trusted partner, the minister said.

Goyal, who is also Railway Minister, talked about the positive trends in the Indian economy.

"In the Railways last month we have been able to grow our freight traffic by four per cent over the corresponding period last year. In the current month, the trend is even better than that. Tractor sales have already been revived, two-wheelers and three-wheelers are also showing very good traction. It is a day to bring in positivity into our crystal gazing of the future, move out of pessimism and look forward with hope and faith," he said.

"We should start taking measures to tighten the belt, improve productivity, start looking at every element of cost and smarter solutions to become the preferred suppliers to customers," he said.

The minister said perseverance towards quality and bringing in scale, the industry will certainly become more export competitive.

He said "aftermarket business" can open up a lot of opportunities for ACMA if the industry starts looking at more affordability and more attractive ways.

He also called for innovative financing for the auto industry.

( With inputs from ANI )