The turnover of the automotive component industry that contributes 2.3 per cent to India’s GDP, 25 per cent to its manufacturing GDP.
Representative image. (Photo: Reuters)
Automotive Component Manufacturers Association of India (ACMA), has announced the findings of its Industry Performance Review for the first half of fiscal 2019-20. The turnover of the automotive component industry that contributes 2.3 per cent to India’s GDP, 25 per cent to its manufacturing GDP and provides employment to 50 lakh people, stood at Rs.1.79 lakh crore (USD 26.2 billion) for the period April 2019 to September 2019, registering a de-growth of 10.1 per cent over the first half of the previous year.
Commenting on the performance of the auto component industry in India, Vinnie Mehta, Director General, ACMA said, “The second-half of 2018-19 saw a significant slump in vehicles sales that continued well into the first half of 2019-20. The component industry, in tandem, posted a some-what subdued performance with de-growth of 10.1 per cent over the first half of the last fiscal, registering a turnover of Rs.1.79 lakh crore (USD 26.2 billion). Auto Component exports at Rs.51,397 crore (USD 7.5 billion) remained stable with a moderate growth of 2.7 percent, the Aftermarket also witnessed growth of 4 per cent scaling to Rs.35,096 crore (USD 5.1 billion) however, sales to OEMs in the domestic market at Rs.1,50,743 crore (USD 22 billion) declined 15.2 per cent”.