A specialised body for regulating the auto industry will soon be set up for sustainable growth of the sector, Union Minister for Heavy Industries and Public Enterprises Vilasrao Deshmukh said on Tuesday.
"It will act as a catalyst for sustainable growth of the Indian automobile industry,"Deshmukh said at the golden jubilee celebrations of the Automotive Component Manufacturers Association of India (ACMA) Tuesday.
Deshmukh said the new body would be set up within the next few months. "I can't tell you the exact timing. But it will be soon. Hopefully within a few months."
The regulatory body will be called the National Automotive Authority.
Deshmukh pointed out that the Indian automobile industry is the second fastest growing auto industry in the world. "Government will take all necessary steps to ensure sustainable growth of the industry,"he added.
Addressing the 50th anniversary celebration of ACMA, former Indian president A.P.J. Abdul Kalam lauded the resilience of the Indian automobile industry.
"Auto industry is one of the most important drivers of India's economic growth. It has shown great resilience during the recent global economic crisis,"Kalam said.
He said the size of India's auto industry would soon cross $100 billion. Currently, the size of Indian auto industry is around $90 billion.