Auto component industry to invest $7 billion over next 5 years: ACMA
Deccan ChroniclePune: With robust demand in place in the automobile sector, the Indian auto component industry is planning to invest around $ 6.5 to 7 billion over the next five years on capacity expansion and technology upgradation, Shradha Suri Marwah, President of Automotive Component Manufacturers Association of India or ACMA said on Wednesday. The auto component industry, which recorded a 12.6 per cent year-on-year revenue growth in the first half of the current fiscal at Rs 2.98 lakh crore, expects double-digit sales growth to continue in the rest of the current fiscal and the upcoming financial year as well. ACMA Director General Vinnie Mehta said that with vehicle sales and exports displaying steady performance, the auto component industry demonstrated a growth of 12.6 per cent scaling a turnover of Rs 2.98 lakh crore in the first half of FY 2023-24. Besides, the component sales to OEMs in the domestic market grew by 13.9 per cent year on year to Rs 2.54 lakh crore in the first half of the current fiscal.
History of this topic
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