Indian auto component industry grows by 11% in FY 14-15

Automotive Component Manufacturers Association of India announced on Tuesday that the turnover of the auto component industry stood at Rs 2.34 lakh crore ($38.5 billion) for the period April 2014 to March 2015, registering a growth of 11 percent over the previous year and aCAGR of 11 percent over the last six years Financial Astrology Trading Tips

This data represents the entire supply from the auto component industry in India to the on-road and off-road vehicle manufacturers and the aftermarket in India as well as overseas, ACMA said in a release. The data also includes that of captive suppliers to the OEMs and the unorganized & smaller players, ACMA said. 

Ramesh Suri, President, ACMA said in the release, "Despite a challenging year 2013-14, the auto component industry bounced back registering an impressive growth of 11 percent in 2014-15. In fact, it is also interesting to note that while India's total exports stagnated, the Indian auto component industry exports grew by 11.4 percent. Consistent growth in the auto component exports is an indication of growing credibility of 'India made' components. ACMA has played a critical role in supporting its members in discovering and harnessing new market opportunities, further favourable government policies including the foreign trade policy need to be given due credit for the commendable exports performance Intraday Trading Tips

Vinnie Mehta, director general, ACMA commented, "The auto component industry in India is expected to scale $100 billion in turnover by 2020 with exports to grow in range of $35-40 billion. During the last fiscal several macro headwinds obstructed the growth in the industry including flagging vehicle sales, high capital costs, high interest rates and slowing down of investment in manufacturing. The industry's focus on exports, quality and various cost saving initiatives has helped it weather the weak business environment leading to a double-digit growth Jupiter Astro Book 2015-2016