Among the Make-in-India innovation and growth stories worth shouting out from the rooftops is that of India Auto Components Inc, a sector which contributes 2.3 percent to the national GDP and provides direct employment to over 1.5 million people in the country.
The domestic auto components industry registered its highest-ever turnover of Rs 4.20 lakh crore ($56.5 billion) in FY22, up 23 percent. Exports grew 43 percent to $19 billion and there was a trade surplus of $700 million for the first time. But it is not resting on its laurels and cognisant of the global shift towards cleaner forms of mobility, India Components Inc is hard at work and engaged in catering to global industry megatrends, particularly clean energy, in the form of electrification and hydrogen.
This was in ample display at last month's Auto Expo 2023-Components Show, held at New Delhi's Pragati Maidan where over 800 suppliers from key automotive markets from 15 countries showcased over 1,400 products and technologies. In line with the overall theme of the event - "Technovation - Global Platform for Future Technologies & Innovation-the pitch was clearly set for India's accelerated drive to sustainable and green future mobility solutions.
Evolving into a global manufacturing hub
Every vehicle and component manufacturer who thrives on innovation wants to have a footprint in India, which is now perceived as a haven in a world disrupted by geopolitical turmoil, inflation, and supply chain issues, among emerging automotive megatrends.
This story is from the 1st February 2023 edition of Autocar Professional.
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This story is from the 1st February 2023 edition of Autocar Professional.
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