Auto component industry leaders on Friday voiced optimism over the recent GST rationalisation and the free trade agreements (FTAs) the government is working on.
The auto component aftermarket grew by 5 per cent due to increase in used vehicle parc and formalization of the repair and maintenance market, according to the findings of Automotive Component Manufacturers Association of India (ACMA).
Commerce Minister Piyush Goyal expressed confidence that the auto component sector will reach the USD 100 billion export target by 2030 making the sector one of the largest job creators in the country.
The turnover stood at Rs 6.14 lakh crore (USD 74.1 billion) during the year, said the ACMA, the body representing India's auto component manufacturing industry, in its review for the fiscal year 2023-24, as per a release.
Mumbai (Maharashtra) [India], November 7: Supriya S. Badve, Executive Director, Belrise Industries Ltd., has been honoured with Influential Leaders of India 2023 award. Now in its 3rd edition, the Influential Leaders of India celebrates leaders at the vanguard of a wave of change.
Auto Expo 2023 - Components would highlight and deliberate on the newer opportunities for auto component manufacturers, which would need to adapt to the change via systematic research and development.