Auto components industry to grow at 10-15 per cent in 2023-24: ECMA
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The turnover of the vehicle components industry was $ 56.5 billion in the financial year 2021-22 with a growth of 23 percent. It is expected to grow by 15 percent in the current financial year of the industry i.e. 2022-23.
India’s auto component industry may grow by around 10-15 percent in the financial year 2023-24. Indian Vehicle Component Manufacturers Association (ECMA) has expressed this hope on Monday. ECMA said growth in the coming fiscal is expected to be driven by strong demand from both the domestic and export markets amid fears of a recession in the US and Europe. The turnover of the vehicle components industry was $ 56.5 billion in the financial year 2021-22 with a growth of 23 percent. It is expected to grow by 15 percent in the current financial year of the industry i.e. 2022-23.
With major western markets of the US and Europe adopting electric vehicles, the domestic components industry will benefit from manufacturing components for internal combustion engines (ICEs) in India. “For the first nine months (April-December) of the current financial year, our exports and imports were actually better balanced,” ECMA Director General Vinnie Mehta told reporters on the sidelines of an event here. Both are $15.1 billion.
“We are wary of headwinds in view of the slowdown in Europe and the US. Despite this, our exports and imports are growing at a fast pace due to the boom in the domestic markets. “When asked about the scenario for the financial year 2023-24, Mehta said,” We are definitely in the range of 10-15 percent. I will grow
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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