2 hrs ago
Hyundai Executive Urges India to Cut Auto Component Trade Deficit
India currently imports more auto parts than it exports, creating a $1.4 billion trade deficit.
Tarun Garg of Hyundai Motor India says this needs to change.
He believes India should make more advanced parts at home.
These include computer chips, electric-car batteries, power electronics and special magnets.
Garg also wants Indian companies to invest more in research and new ideas.
He said vehicles are becoming more connected and dependent on software.
Better technology could help India become more self-reliant.
It could also help companies make affordable vehicles that remain safe and reliable.
Tarun Garg said India must reduce its $1.4 billion auto component trade deficit.
Garg urged India to move beyond conventional component exports toward advanced technologies and engineering capabilities.
He identified semiconductors, electric-vehicle battery cells, power electronics and rare-earth magnets as priority technologies.
Garg said greater investment in research and development is essential for strategic independence.
He said stronger domestic capabilities could improve affordability without compromising quality, safety or performance.
- Who
- Tarun Garg of Hyundai Motor India.
- What
- A call for India to reduce its $1.4 billion auto component trade deficit by developing advanced domestic technologies.
- Where
- India.
- When
- Why
- To build greater self-reliance, strategic independence and stronger capabilities in future automotive technologies.
Key facts
- Trade deficit
- India's auto component trade deficit was cited as $1.4 billion.
- Speaker
- Tarun Garg, Hyundai Motor India.
- Priority technology
- Semiconductor chips.
- Electric mobility
- Electric-vehicle battery cells and power electronics.
- Other capability
- Rare-earth magnets.
- Recommended investment
- More spending on research and development and innovation.
- Expected benefit
- Improved affordability without compromising quality, safety or performance.
Quotes
Tarun Garg
Hyundai Motor India executive discussing India’s automotive technology and manufacturing capabilities
“While India has successfully built scale, time has come now to accelerate and leapfrog towards greater self-reliance by building domestic capabilities to design, develop and manufacture future technologies, including semiconductor chips, EV battery cells, power electronics and much more.”
businesstoday.in
“Customer expectations have changed dramatically. Standards for quality, safety, reliability and performance are higher than ever before. There are many learnings which all of us have experienced while working with the supplier ecosystem of the key global automotive markets.”
businesstoday.in
Sources
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