The recently concluded 54th SIAM meeting held at Delhi came as a breather for the Automotive industry. Inaugurated by Mr. Vikram Kirloskar, President, SIAM and Vice Chairman, Toyota Kirloskar Motor, the 54th SIAM meeting was attended by top guns from the Automotive industry, Ministers and Automotive journalists from around the globe.
But it was Mr. Nitin Gadakari, Honorable Minister of Road Transport and Highways, Government of India, who came up with big announcements. He declared, Rs. 1,00,000 Crore have been sanctioned for building new roads, highways and bridges. He also announced that ''Motor Vehicle Act Draft will be released tomorrow for public comments. Changes and new replacement is intended to do away with Motor Vehicles Act 1988, which is not in tune with modern India’s traffic needs and is expected to be for passed in the Winter Session of the Parliament."
Also adding to his statement, he said " Safety, lower emissions and alternative fuels will be a focus for the Ministry. India needs to reduce crude oil imports worth about Rs 6 lakh crores at present. Corrections will help contain fiscal deficit. Emphasis is being laid on the industry to produce fuel from waste, as alternate fuels like bio-diesel and ethanol can reduce some load."
Also speaking at the meeting, Mr. Pawan Munjal, Vice Chairman & Managing Director, Hero MotoCorp told that, Indian automobile industry contribution towards GDP is more than 7% about $ 2315 billion. To state some facts, Indian Automobile Industry accounts for 4.3% of total exports, only next to textile and handicraft industry in India. Amount exceeding US$ 35 had been invested in the automobile industry last decade alone. US$ 24 billion and US$ 11 billion had been the contribution by the Auto Manufacturers and OEM companies respectively. Revenue generated from excise is also 13% of overall excise revenue.
Society of Indian Automobile Manufacturers (SIAM) is the apex body of automobile working as a direct link between government and industry. They support government in regulations and policy formulation. Top 50 companies from automotive industry represent the SIAM.