SIAM to focus on Auto Industry's Economic Development

The Society of Indian Automobile Manufacturers (SIAM) organized its Annual Convention 2013 to commemorate the social and economic value created by the Indian automobile industry.  The theme of this year’s Annual Convention was “Contribution of Auto Industry in Economic Development”.

Honorable Union Minister of Heavy Industries & Public Enterprises, Mr Praful Patel was the Chief Guest,, and Mr. Kamal Nath, Hon’ble Minister of Urban Development, was Guest of Honour at the Convention.

Mr S Sandilya, President, SIAM and Chairman, Eicher Motors Ltd - Unit Royal Enfield, welcomed the guests and delegates present at the convention. In his Welcome Remarks, he spoke about the importance of the Indian Automotive Industry and steps required to arrest the decline in the sector.

“The deceleration of the industry is primarily due to both external factors as well as domestic structural issues. The Automobile industry is one of the highest contributors of revenue and employment in the country, and needs a more moderated tax and excise duty structure in order to ensure further growth of the industry. I am confident in the long term growth of the industry, and feel that if the government and shareholders work together, India will have a unique opportunity to emerge as a leading global player.”

Delivering the Opening Address, Mr Praful Patel, Hon’ble Minister of Heavy Industries & Public Enterprises spoke about the need for the government and industry to work together to ensure economic development. “This is a challenging time for the automobile industry, as well as the Indian economy as a whole. The decline of the automobile industry can be attributed to various factors, including the general economic slowdown, high interest rates, increase in fuel prices and decline in the number of new buyers. Members of the government are feeling a renewed sense of urgency to ensure that the sector is re-energized, and I would be happy to organize a joint meeting between the Ministers and shareholders to develop an immediate and effective solution to rectify the problems faced by the sector.”

The inaugural session concluded with a Vote of Thanks by Mr Vikram S Kirloskar, Vice President, SIAM & Vice Chairman, Toyota Kirloskar Motor who also impressed upon the national mission on electric mobility which will help reduce dependence on fossil fuels and promote cleaner technologies.