India most attractive destination for auto majors: Minis

New Delhi, Sep 21 (UNI) India has become an attractive destination for most automobile manufacturers in the world, said the Minister for Heavy Industries and Public Enterprises Santosh Mohan Deb.

Speaking at the inaugural session of the IAA 61st Commercial Vehicle Motor Show-2006 at Hanover, Germany today Mr Dev said the domestic market has provided a good opportunity to the manufacturers to sell their products, the excellent infrastructure coupled with skilled manpower at low costs has given the opportunity to make India a hub for automotive exports.

The auto component exports from India are growing at a rate of over 30 per cent and has reached four billion Dollar. The automobile exports also are growing rapidly. The Minister urged to take full advantage of the excellent opportunity that India offered to the auto and auto component manufacturers.

The Minister further stated that the auto industry was one of the fastest growing sectors in Indian economy today. It registered an average growth of 17 per cent over the last five years and opened up a huge domestic market. He further informed that with the globalisation of trade under WTO, opportunities for everyone was emerging in large proportions. India was a totally WTO compliant country, he added.

Mr Dev thanked the German Minister, Michael Glos for extending invitation to participate in one of the biggest motor shows of the world. He also complimented the Minister of Turkey, the status partner of the Fair, said an official release issued here today.

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