Auto parts industry keeps wheels of economic growth moving

Jaswinder Singh Baidwan

Akhran da mureed
Staff member
Bucking the trend of overall declining exports, the Indian auto component industry has grown by impressive 11%. The auto component manufacturers are gearing up to roll out products that match the industry demands of stricter emission and safety norms.
The auto component industry registered a turnover of Rs 2.11 lakh crore ($35.5 billion), growing by 11.1% as compared to 2013-14.
The growth, Automotive Component Manufacturers Association of India (ACMA) says, was led by increase in consumption by domestic original equipment manufacturers (OEMs) as well as from exports to Europe, Asia and the US.
While overall exports of India declined by 1.2%, exports by Indian auto component industry grew by 11.4% to Rs 68,500 crore in 2014-15. India currently exports auto parts to 160 countries — an indication of growing credibility of ‘India made’ in global auto industry supply chains.
The Indian auto component industry produces a wide range of products, including engine, steering parts, drive transmission, body and chassis.
Borgwarner, one of the global automotive industry component suppliers, has a tie-up with TVS group and has six manufacturing plants in India already.
 
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