UK looks for greater share in India auto sector under FTA: Official
automobile sector, Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain.
The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said.
The auto sector is now being shifting from conventional ICE (internal combustion engines) to Electric Vehicle (EV) battery-based systems.
«When we look at our present strength and the future potential in India, I think it is going to be huge.
»In fact when we are doing our FTAs, I remember that country after country, they are focusing on how they can get a pie out of the Indian automobile sector and when we are negotiating FTA with the UK...saying that this much of market share should be available to them (the UK) through the FTA," he added.
The UK is seeking duty concessions in the auto sector, particularly in the EV segment. The talks are in the last phase.
The secretary added that India is also focusing on value chains, including de-risking the value chains.
«No country wants to put all their eggs in one basket, so we are looking for diversification,» he said, adding that the three-day Bharat Mobility Global Expo 2024 will play an important role in that.
Speaking at an event, Commerce and Industry Minister Piyush Goyal asked the industry to target exporting at least 50 per cent of vehicles which are made in India.
At present, 14 per cent of vehicles which are made in India are exported and the ambition of the industry is 25 per cent, he said, adding that it should be at least 50 per cent.
