Auto component industry turnover up 10% at Rs 6.14 trn in FY24: ACMA

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Auto component industry turnover up 10% at Rs 6.14 trn in FY24: ACMA - Business Standard

Quick Summary:

Component supply to OEMs (original equipment manufacturers) in the domestic market grew by 8.9 per cent to Rs 5.18 lakh crore, with supply to the EV manufacturing industry accounting for 6 per cent of the total component production in the country, the Automotive Component Manufacturers Association of India (ACMA) stated.Exports grew by 5.5 per cent year-on-year to USD 21.2 billion in the last fiscal while imports grew by 3 per cent to USD 20.9 billion, thus resulting in a trade surplus of USD 300 million, it stated.

The turnover of the automotive component industry rose by 9.8 per cent year-on-year to Rs 6.14 lakh crore for the fiscal ended March 31, 2024, industry body ACMA said on Thursday.

The industry had reported a turnover of Rs 5.59 lakh crore in the 2022-23 financial year.