there is a silver lining with global growth looking up for fy21 the industry needs to be ready to capture this opportunity as we come out of this cycle said shekhar shah new delhi indian auto industry has been going through one of the worst slowdowns in two decades but the situation is improving and the momentum is likely to continue in next fiscal believes n raja chairman of siam economic research group managing director toyota financial servicesspeaking at the 14th edition of looking ahead conclave organised by siam n raja said being one of the prime contributors to the indian economy the automotive sector has a big role to play in indias vision of 5 trillion economy and we need to prepare for it surely the sector has gone through a slump in the last fiscal year like many other major industries however things have started getting better and we are hopeful of the momentum continuing as we enter the next fiscal advt themed as automotive industry and indias usd 5 trillion vision 2020 and beyond the conclave was organised to discuss the way forward for the auto industry and how it can contribute to indian economys 5 trillion target in next 5 yearscommenting on the current economic scenario shekhar shah director general of ncaer said it is not a rosy picture as there is a lot of uncertainty the downward growth trend of india has even concerned the imf for the first time ever there is a silver lining with global growth looking up for fy21 the industry needs to be ready to capture this opportunity as we come out of this cycleadding to that debopam chaudhari chief economist piramal enterprises said we are expecting some progress in the automotive industry from may onwards but the sustainability of this growth will depend on the governments policymakinghighlighting the role of the auto industry in economic growth keynote speaker pravin agarwal joint secretary department of heavy industry said we are dedicated to supporting the automotive industry to reach the 350 billion mark as it continues to be the harbinger of the indian economysaugata bhattacharya chief economist axis bank said to reach the 5 trillion economy we need to see what went wrong in the past because the reasons of the current economic slowdown in india are basically domestic we anticipate this year we are likely to overshoot the fiscal target but what might happen in fy21 is largely dependent on what numbers will come in the budget and the governments focus on infrastructure spending and boost to rural demand advt speaking on the socioeconomic impact of regulatory norms abhay bakre director general bureau of energy efficiency said consumers are shaping the narrative around regulatory norms and that will shape the nature of demand going forward these norms need to be flexible enough and technologically advanced to be effectivedinesh tyagi director international centre for automotive technology director technical natrip said india has a unique mix of vehicles on roads