The Automotive Component Manufacturers Association of India (ACMA) concluded a successful edition of the Auto Technology Partnership Summit and Expo 2021. Aimed at harnessing the Indian automotive opportunity, the three-day virtual congress held earlier this year witnessed participation from ACMA counterparts in Japan, Europe and North America. A series of sessions had the stakeholders highlight investment avenues and opportunities in the Indin market. Supported by the Ministry of Commerce, Government of India, the Society of Indian Automotive Manufacturers (SIAM) and Automotive Industry Associations from Canada, USA, UK, Germany and Japan to name a few, there were several key takeaways.
Speaking on the sidelines of the ‘Europe Day’, Anjali Singh, Executive Chairperson of ANAND Group India gave a backdrop of the Indian automotive industry emerging stronger after bracing an unprecedented set of disruptions in the first half of the fiscal year 2021. “The industry through agility flexibility and financial discipline registered a turnover of USD 50 billion. Exports accounted for USD 14. 5 billion in the FY2020 registering at a Compounded Average Growth Rate (CAGR) of eight per cent over the last six years. Mukta Dutta Tomar, Ambassador of India to the Federal Republic of Germany cited the scale of the automotive industry as the largest industry sector in Germany with a 20 per cent contribution to the total industry run.
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