Auto sector specifies 28 parts for import cut

09 May 2024 CW Team

Rajesh Menon, the director-general of the Society of Indian Automobile Manufacturers (SIAM), mentioned that India?s automobile sector had recognized 28 crucial components for indigenisation as part of the ?localisation roadmap? aimed at expediting the ?Make in India? initiative. He emphasised that these components were vital for sustaining the growth momentum. He further stated that the ongoing efforts in localization had already resulted in substantial forex savings of over Rs 70 billion.

Menon conveyed that in response, original equipment manufacturers (OEMs) had urged their component suppliers to explore methods for local manufacturing of these components, including high-end electrical and electronic parts. He highlighted that the availability of locally sourced components would diminish the reliance of OEMs on imports, aligning with the auto industry?s dedication to ?Atma Nirbharta? (self-reliance), while simultaneously boosting the export potential of the component industry.

Moreover, Menon noted that the Production Linked Incentive (PLI) schemes for the automotive sector were acting as a catalyst for the localisation of advanced auto components. He indicated that these schemes had already begun fostering the requisite ecosystem for companies to invest in and produce in India.

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..