The Society of Indian Automobile Manufacturers (SIAM) hosted the Automotive Sourcing Conclave 2024 under the theme “Towards Building a Resilient Supply Chain.” The event underscored the importance of fostering sustainable, innovative, and efficient supply chains to support the automotive industry’s growth and align with India’s Aatmanirbhar Bharat mission.
The conclave attracted key stakeholders, including senior government officials, automotive industry leaders, and supply chain experts, who shared strategies for strengthening India’s automotive supply chains to meet global competitiveness and sustainability standards. Dr. Hanif Qureshi, Additional Secretary, Ministry of Heavy Industries, highlighted the sector’s pivotal role in India’s economic growth. He remarked, “The automotive industry is a key driver of India’s economy, and Aatmanirbhar Bharat is our collective mission. With initiatives like PM eDRIVE, we are boosting local production and R&D, reducing import dependency, and fortifying supply chains.” He added that significant progress has been made under localisation schemes, with ₹18,000 crore invested as of March 2024, and plans to revise the components list for local manufacturing under the FAME initiatives.
Complementing these efforts, Vimal Anand, Joint Secretary, Department of Commerce, stressed the role of MSMEs and Tier 2 and Tier 3 vendors in building robust domestic manufacturing capabilities. “The automobile industry is a cornerstone of India’s GDP. Increasing localisation content requires home-grown companies to innovate and develop cutting-edge technologies. The government remains committed to addressing concerns across supply chains and adapting to new regulatory needs,” he stated. The discussions also focused on integrating sustainability into supply chain practices, from sourcing raw materials to ensuring eco-friendly production processes. Panellists emphasised the role of digital transformation in enhancing operational efficiency and fostering innovation.
The conclave is a significant step in aligning India’s automotive industry with global standards while ensuring resilience against external disruptions. The government’s active support, combined with industry collaboration, is expected to propel the sector toward achieving greater localisation, sustainability, and innovation. As the automotive sector evolves, events like the SIAM Conclave underline its commitment to adapting to emerging trends and challenges while driving India’s economic and technological ambitions forward.
