Financial Daily from THE HINDU group of publications
Friday, Jan 13, 2006


News
Features
Stocks
Shipping
Archives
Google

Group Sites

Home Page - Automobiles
Industry & Economy - Events


Hybrid vehicles steal the show at Auto Expo — Exports may touch $25 billion in next decade: Kamal Nath

Our Bureau


IN THE FAST LANE: The Union Minister for Commerce & Industry, Mr Kamal Nath, at the inauguration of 8th Auto Expo 2006 at Pragati Maidan in New Delhi on Thursday. - Rajeev Bhatt

New Delhi , Jan.12

BIG-ticket investment announcements and a bevy of foreign vehicles on display remained the highlights of the Eighth Auto Expo, in the absence of any new significant passenger car launches.

However, the principle attraction was the showcase of vehicles utilising hybrid/alternative fuel technology. While Mahindra & Mahindra showcased a concept hybrid variant of the `Scorpio' and the hydrogen engine `Alpha' three-wheeler, Honda put on display the hybrid Insight and fuel cell vehicle FCX. In addition, Sonalika Group company, ICML, put its battery operated three-wheelers on display.

Investments: On the investment front, Maruti led the way with an investment announcement of Rs 2,718 crore, while Yamaha followed suit with Rs 300 crore. Bosch Group said it would be pumping in upwards of Rs 1,000 crore over the next three years.

The Commerce Minister, Mr Kamal Nath, in his inaugural address on Thursday asked the auto industry to gear up for globalisation and increased competition, with the country entering into more trade agreements.

He said as the economy enters into "bilateral and regional trade pacts, even as multilateral negotiations are going on, the auto sector must find ways to make use of these agreements to leverage its strengths for expanding in other parts of the world.

Globalisation and integration are no longer mere buzzwords but a reality. India is among the fastest growing automobile market and Indian companies are now making their presence felt in other countries as well".

He added that auto exports from India could reach $25 billion in the next decade.

Component sector growing: Speaking on the occasion Mr Ashok Taneja, Vice-President, Automotive Component Manufacturers Association of India (ACMA), said, "The auto component sector has been growing at over 20 per cent for the last five years. Total revenues are likely to cross $10 billion with exports of $2 billion this year.''

In 10 years, the revenues from the auto components sector will jump to $40 billion including exports of $20 billion, he said.

As many as 1,000 exhibitors, including 300 from 20 countries, are participating at the Auto Expo, jointly organised by the Society of Indian Automobile Manufacturers (SIAM), the Auto Component Manufacturers Association and CII.

The six-day exhibition is spread over an area of 70,000 sq metres.

The Expo, which provides a major opportunity for Indian automobile and component industry to showcase their prowess, is expected to see business deals nearly double to cross the $100 million (about Rs 440 crore) mark this time.

Related Stories:
Auto Expo to have more overseas participation
Automobile production may cross 10 m in 2 years
Auto show set for big launch today — Rs 440-cr business deals likely to be accomplished

More Stories on : Automobiles | Events

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
Chill in isolated pockets as fresh westerly system inches close


Cisco ties up with Bharti, VSNL for joint marketing
Hybrid vehicles steal the show at Auto Expo — Exports may touch $25 billion in next decade: Kamal Nath
Clause 49: ONGC may be asked to convene EGM
CCEA defers decision on NLC disinvestment
Record cabinet meetings in 2005
One year up: FBT chips away at drug companies' profits
8 pc of Maruti fetches Rs 1,567 cr — Average price at Rs 678.24 per share
TCS Q3 net up 5.6 pc at Rs 753 cr — Impact of Re fluctuation Rs 46 cr
Nasscom wants SEZ sops given to STPI units also — `SMEs now at a disadvantage'
TRAI seeks data on `lifetime' offers
Cuts, kickbacks hit recruitment industry
Average returns lag for most Sensex stocks


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line