India to become hub of autmobile industries: Ravi Kant

Jamshedpur, Nov 13: Tata Motors Managing Director Ravi Kant today said the future of India's automobile industry is bright and the country has the potential to become an automobile hub in the world.

Addressing an International Symposium on '' Steels for Automotives,'' jointly organised by Tata Steel and Inidan Institute of Metals (IIM)here, Mr Ravi Kant said in the domestic market annual consumption of steel in the automobile sector was 35 billion US dollars and it would go up to 145 billion US dollar by the next ten years.

He said the automobile participation in GDP in India was 4.8 per cent while it was recorded at 12-13 percent in the developed countries. But the automobile participation in GDP would grow more than ten per cent by 2016, he observed.

He stressed the need for fuel efficiency in view of increasing of the oil price which could be met by introducing light vehicles by the automobile industries. '' Highest fuel efficiecy is the need of the hour,'' he said.

Mr Kant said the introduction of high strength steel sheets by the domestic as well as foreign steel industries for the automobile sectors could reduce the weight of the vehicles considerably.

Emphasising on the better coordination between the steel and the automobile industries in view of booming automobile market, he said both would have to accept challenges from the domestic and international markets.

Mr Kant also welcomed the substitutions also, saying plastic was also being used to make lighter vehicles.

In his welcome address IIM president and Managing Director of Tata Steel B Muthuraman said in the backdrop of raipd growth in the automobile manufacturing in India and subsequent consumption of metals and materials of various kinds, especially steel, such kind of international conference would be of a great importance.

He suggested that to meet the growing demands of auomobile sector, the steel industries should keep on changing with the time.

Mr Muthuraman expressed confidence that the deliberations would add a lot of value to the professionals and promoted synergy between the automobile and the metal sectors.

Altogether six papers were submitted during the day including the representatives overseas and Inida.

UNI