ACMA REASSURES CONTINUATION OF ROBUST GROWTH

ACMA REASSURES CONTINUITY OF ROBUST GROWTH IN THE CV ANCILLARIES BACKED BY STRATEGIC INVESTMENTS

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In its findings shared at the Industry Performance Review for the first half of fiscal 2023-24 (H1-FY24), the turnover of India's automotive component industry during the period April-September 2023 stood at an impressive Rs. 2.98 lakh crore (USD 36.1 bn). This translates to a robust growth of 12.6 percent compared to the corresponding period (H1FY23) in the previous fiscal. This noteworthy expansion is attributed to several factors, including steady vehicle sales, consistent exports, and a resilient aftermarket.

Vinnie Mehta, the Director General of ACMA further elaborated and shared that the auto component supplies to all segments of the industry including OEMs, exports as also the aftermarket remained steadfast. Besides the growth in the domestic indicators, exports grew by 2.7 percent to USD 10.4 bn while imports grew by 3.6 percent to USD 10.6 bn.