Staying True To Their DNA

The 62nd ACMA Annual Summit had the stakeholders of the automotive industry hail the suppliers support received over the past fiscal. Ashish Bhatia writes on the push for staying true to their DNA for manifold growth.

-  Ashish Bhatia

The 62nd ACMA Annual Summit had the marquee event return to its physical form this year. In a departure from the practice of being held a day after the SIAM Annual Session, this year the suppliers kick start the two-day summit that had stakeholders of the automotive industry in full attendance. Coming on the close heels of the components industry, regaining its pre-pandemic levels and clocking the highest-ever turnover of Rs. 4.2 lakh crore (USD 56.5 billion), the industry sentiment was buoyant despite near-term concerns. The industry is hopeful of building on the newfound momentum where it surpassed the previous peak turnover (inclusive of the aftermarket) of Rs.3.95 lakh crore in FY18-19, a 23 per cent growth in FY 2021-22. Exports have registered a 43 per cent growth to Rs.1.41 lakh crore (USD 19.0 billion). With the imports growing by 33 per cent to Rs.1.36 lakh crore (USD 18.3 billion), the industry was able to register a trade surplus of USD 700 million. Using this performance as the backdrop, at Hotel Taj Palace, in New Delhi, in a pre-summit, select media gathering, ACMA committee members led by the President were joined by team McKinsey to share new findings that the industry would work around to reach the desired status to align with the future of mobility.