Backed by investments for higher value addition, technology upgradation and localisation, auto component sales to OEMs in the domestic market grew by 13.9 percent to Rs 2.54 lakh crore, shows a performance review of the Automotive Component Manufacturers Association of India (ACMA) for the first-half of FY 2023-24.
Among the other contributors, exports grew by 2.7 per cent to USD 10.4 billion (Rs 85.87 lakh crore) while imports grew by 3.6 per cent to USD 10.6 billion (Rs 87.42 lakh crore). The aftermarket, estimated at Rs 45,158 crore also witnessed a growth of 7.5 per cent, according to Vinnie Mehta, Director General, ACMA. Imports grow 3.6 per cent to USD 10.6 billion.
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