The Automotive Component Manufacturers Association of India (ACMA), the apex body representing India's auto parts making industry, has asked the finance ministry to set up a Rs. 7,500 crore-Technology Development and Upgradation Fund (TUDF) that can be utilised over a staggered five year period (2012 to 2016). The fund, proposed by ACMA, is intended to finance and support companies as they modernise and upgrade technology to meet the requirements of both domestic and overseas customers and to increase competitiveness in the global automotive industry market.
According to ACMA, “ To develop and enhance its technology capacities, the auto component sector needs to invest in three main areas: Rs. 2,000 crore towards light weighting with focus on fuel efficiency, Rs. 2,500 crore towards engine and power train and Rs. 3,000 crore towards manufacturing technologies. This could come from TUDF spread over a five year period, starting with Rs 1,000 crore in first year gradually scaling up to Rs 1,250 crore in 2013, Rs. 1,500 crore in 2014, Rs. 1,750 crore in 2015 and Rs. 2,000 crore in 2016”.
While holding a press conference in New Delhi, ACMA Executive Director, Vinnie Mehta, told Motown India, “The fund will aid innovations which will result in the development of new manufacturing technologies which will ultimately promote additional investment.” He also maintained that India needs to establish itself as product development hub if auto component exports are to achieve the ambitious US$25 billion by 2016.
The auto component industry which is today at 26 billion dollars would grow to 55 billion dollars by 2015 and 110 billion dollars by 2020.
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