The government will come out with the guidelines for National Research Foundation where ₹1 lakh crore has been allocated for supporting public-private-academia partnerships on R&D, Piyush Goyal
Despite headwinds, auto component exports — which contribute around 30% to the total turnover of India's auto ancillary industry — have remained steady.
Exports of auto components grew 2.7% to $10.4 billion (₹85,870 crore) in H1 FY24 from $10.1 billion (₹79,033 crore) in H1 FY23.
North America accounts for 32% of the domestic auto components exports.
Easing chip shortage globally has helped Indian companies like Maruti Suzuki and Tata Motors post record sales in 2022.
India is the third largest automotive market and is expected to lead the rebound in passenger vehicle sales.
While the first quarter of FY21 was a complete washout, the industry regained significantly from the second quarter onwards.
Auto component makers in tier 2 and tier 3 areas are in dire straits on the cash-flow front with many on the brink of closure, says the industry body.
With a significant jump in the number of confirmed cases, Maruti Suzuki India, Hyundai, Toyota Kirloskar Motor, Honda have shut operations to check the spread of Covid-19.
About 50 new launches are expected at the February 7-12 event.
