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Auto component industry to grow in double digits this fiscal year

 RoderickJimmy
  37
 June 2, 2024

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NEW DELHI: The domestic auto component industry is expected to register double-digit growth in the current fiscal, helped by recovering auto sales.

Automotive Components Manufacturers Association Association (ACMA) Arvind Chairman Balaji “Despite a challenging year, the auto component industry in 2016 said, “The fiscal year witnessed a satisfactory growth of 8.8% despite a challenging year. Considering the national market and better monsoon, the automotive sector is showing signs of recovery. “There are conditions,” he said. The components industry is expected to record double-digit growth early this year.

In the last fiscal, the size of the domestic auto parts industry grew by 8.8 percent to $39 billion.

However, global market volatility affected exports, which declined by 3.7% to $10.8% billion.

Imports grew faster, up 9.3% to $138% billion.

In 2014-2015, the auto parts industry invested about $44 million to $660 million.

Balaji said, “Regulatory changes will not only create challenges but also opportunities for Indian component manufacturers. We need to increase investment in R&D,” said Balaji.

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