According to ACMA, the sector achieved an impressive turnover of ₹6.14 lakh crore (USD 74.1 billion) in FY24, marking a 9.8% growth compared to the previous year. This growth highlights India's evolving role in the global automotive landscape, bolstered by a focus on rising exports and increased localisation.
India's cost-effective manufacturing continues to be one of its most compelling advantages, alongside a focus on producing high-value components domestically, which reduces reliance on imports. According to ACMA, auto component exports rose by 5.5%, reaching USD 21.2 billion in FY24, with North America and Europe each accounting for over 30% of exports.
Shradha Suri Marwah, President of ACMA and CMD, Subros Ltd., remarks, "India's auto component industry has emerged as a globally preferred hub. Localisation efforts and advanced manufacturing practices are enabling us to meet international demand while reinforcing India's leadership in the global market." This momentum underscores the sector's focus on building a resilient ecosystem, capable of withstanding global challenges while capitalising on trends such as the pivot toward electric vehicles (EVs).
Make in India: A Catalyst for Growth
Diese Geschichte stammt aus der January 10, 2025-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 10, 2025-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
SIP OF LIFE
How Makaibari, the iconic Darjeeling tea brand, is seeking to brew a touch of lifestyle and heritage in Kolkata and beyond
Lanka power project not cancelled: Adani group
The Adani group on Friday denied the cancellation of Adani Green Energy's (AGEL's) wind power project in Sri Lanka. The group said the tariffs for the project are being re-evaluated as part of a standard process.
Highways Infra Trust eyes ₹25k cr AUM this FY
Highways Infrastructure Trust's growth is set to be fuelled by the infusion of ₹5,500 crore from its key investors -- KKR and Ontario Teachers' Pension Plan (OTPP), said Gaurav Chandra, executive director and joint chief executive officer.
Patanjali recalls 4 tonnes of red chilli powder
Home-grown fast-moving consumer goods (FMCG) company Patanjali Foods on Friday said that it had recalled four tonnes of red chilli powder (200 gm packs) from the market.
GCPL net down 14.2% at 498 cr
Godrej Consumer Products Ltd (GCPL) on Friday reported a 14.24 per cent decline in consolidated net profit after tax (PAT) of ₹498.31 crore in the third quarter ended December 2023, impacted by demand headwinds in India and surge in palm oil prices.
Sebi bars Suumaya’s promoters for fraud
The Securities and Exchange Board of India (Sebi) on Friday debarred four individuals from the promoter group and management of Suumaya Industries for allegedly manipulating markets (Suum) from accessing the market and engaging in fraudulent transactions, and diverting funds.
DFS secretary: Pension fund market needs diversification
The pension fund industry requires greater participation, given the high concentration of assets, Department of Financial Services (DFS) Secretary M Nagaraj said on Friday.
Future shock for India in technology?
A large chunk of its workforce is unprepared as AI, ML become common
Fall in rupee an investment opportunity for NRIs, GCCs
However, experts warn of risks ahead
Tata Electronics acquires 60% in Pegatron India, bags iPhone plant
Tata Electronics announced on Friday its acquisition of a controlling 60 per cent stake in Pegatron Technology India Private Limited - a subsidiary of Taiwanese electronics manufacturing giant Pegatron Corporation.
