It was that time of the year again when the automotive industry professionals from all over the world including CEOs and senior representatives from the Indian and Global OEMs and the component manufacturers came together to participate at the Society of Indian Automobile Manufacturers (SIAM) Annual Convention 2013. The theme of this year’s Annual Convention was “Contribution of Auto Industry in Economic Development”.
Honorable Union Minister of Heavy Industries & Public Enterprises, Mr Praful Patel was the Chief Guest. Mr S Sandilya, President, SIAM and Chairman, Eicher Motors Ltd - Unit Royal Enfield, welcomed the guests and delegates present at the convention. In his Welcome Remarks, he spoke about the importance of the Indian Automotive Industry and steps required to arrest the decline in the sector.
“The deceleration of the industry is primarily due to both external factors as well as domestic structural issues. The Automobile industry is one of the highest contributors of revenue and employment in the country, and needs a more moderated tax and excise duty structure in order to ensure further growth of the industry. I am confident in the long term growth of the industry, and feel that if the government and shareholders work together, India will have a unique opportunity to emerge as a leading global player.”
Delivering the Opening Address, Mr Praful Patel, Hon’ble Mnister of Heavy Industries & Public Enterprises spoke about the need for the government and industry to work together to ensure economic development. “This is a challenging time for the automobile industry, as well as the Indian economy as a whole. The decline of the automobile industry can be attributed to various factors, including the general economic slowdown, high interest rates, increase in fuel prices and decline in the number of new buyers. Members of the government are feeling a renewed sense of urgency to ensure that the sector is re-energized, and I would be happy to organize a joint meeting between the Ministers and shareholders to develop an immediate and effective solution to rectify the problems faced by the sector.”
The Indian auto industry has been seeing decline in demand being triggered by many factors including the issues currently plaguing our economy. The Govt and industry are looking to work together in-order to work out the issues affecting the Indian automotive sector at the moment.