Union Minister of Commerce and Industry Piyush Goyal said that properly developed 'Aftermarket' business can open up opportunities for auto component manufacturers.
Goyal was speaking at the 60th ACMA annual session which was held virtually.
According to the minister, this can happen if the industry starts looking at more affordability and attractive ways.
He urged the auto component sector to improve productivity, reduce cost and offer smart solutions so as to become preferred global suppliers.
Besides, Goyal pointed out that with perseverance towards quality, the industry will certainly become more export competitive.
He said that the entire country is adopting Prime Minister Narendra Modi's clarion call of 'Atmanirbhar Bharat' to engage with the rest of the world from a position of strength.
He said that there is a huge demand for trusted partners in resilient global supply chains.
"We will expand our global engagement. We see huge opportunities to expand businesses and provide truly high-quality products at competitive prices and become that trusted partner," the minister said.
On the positive trends in the Indian economy, the minister said: "In the railways, last month we have been able to grow our freight traffic by 4 per cent over the corresponding period of last year. In the current month, the trend is even better than that."
"Tractor sales have already been revived, two-wheelers and three-wheelers are also showing very good traction. It is a day to bring in positivity into our crystal gazing of the future, move out of pessimism and look forward with hope and faith.".