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OEM Update

Auto Industry in a Consolidation and Restructuring phase

May 12, 2010 7:05 am

Auto Industry in a Consolidation and Restructuring phase
 
“The demand in developing economies is projected to outstrip that of the developed economies. It is expected that emerging economies will overtake triad markets to become the auto demand hub in the world in the next few years.”
 
While releasing the Strategy Paper on the Growth of Auto & Auto Component Exports, Dr. Rahul Khullar, Commerce Secretary, informed that the global automotive industry is in transition in many key markets and the consolidation and restructuring issues relating to regulatory compliance & risk management, climate change and other trends are creating significant transitional challenges and opportunities throughout the automotive value chain. He said that the Strategy paper gives a holistic analysis of both the global and Indian auto industry. The strategy paper was commissioned by EEPC India and carried out by Ernst & Young.
 
Dr. Khullar said there is a need to expand target market and added that in the light of the recession in the developed world and narrow focus of India’s Auto Vehicle exports, it is necessary to target newer markets where India has marginal penetration presence to accelerate the exports momentum and increase the exports in those countries. The Secretary also emphasized that India needs to enter into trade agreements with identified thrust markets. “The Strategy paper makes the point that success of past trade agreements has been limited due to the restrictive nature of PTAs that cover only a small cross section of goods rather than the FTAs/CECAs that other low cost competitors such as Mexico and Thailand have entered. The FTA with ASEAN, CEPA with Korea and CECA with Singapore are, therefore, steps in the right direction and need to be undertaken for all the identified thrust markets in the order of priority to enhance India’s trade”, he added.
 
The broad objectives of this Strategy Paper are as follows:
•      Understanding the issues and challenges facing Indian automotive exporters and recommending solutions
•      Identifying the opportunity arising for the Indian automotive industry
•      Identifying the major products and markets Indian exporters need to focus
•      Setting aspirations for the growth of Indian automotive exports over the next five years
•      Laying a strategic framework that the Indian automotive industry, EEPC INDIA and government bodies need to follow to achieve these aspirations.
 

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