Auto component industry should aim for 5 pc of global trade in 5 yrs; govt support crucial: ACMA

June 2, 2024

Representative photo

NEW DELHI: India’s auto component industry should look at increasing exports and strive to capture at least 5 percent of total global trade (about $1.3) trillion) in the next five years, an industry executive said.

Vinnie Mehta, secretary general of the Automotive Component Manufacturers Association of India (ACMA), told PTI that government support for incentives is important to achieve this goal.

He added that government support will not only act as a catalyst for business growth but will also help the industry to become self-reliant.

Currently, 25% (or $15.1 billion) of India’s auto component industry exports to the US and other countries. The EU accounts for 65% of the exports, Mehta said.

“The global trade in auto components amounts to $1.3 trillion, while the share of the Indian auto components industry is only 1.3%. We must try to get at least 5% share of global trade in the next five years, but we need to. “For this, government support is very important,” he said.

Mehta said, “While the industry must offer products with the right technology, global cost competitiveness and consistent quality, the government must ensure easy maneuverability.” India’s low lending rates of 9% to 11% are among the highest interest rates in the world. “In terms of logistics, our energy costs are 10-12% He added: “It is necessary for us to remain globally competitive.” .

He said the industry and the government should work together to become “atma-nirbhar”.

In 2018-19, the Indian auto component industry generated revenue of $57 billion, which is 2.3% of India’s GDP.

In comparison, China’s auto parts industry generated $550 billion in sales last year.

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