Indian auto component manufacturers have a huge opportunity to expand their exports, especially in the independent aftermarket segment, according to a report by EY-Parthenon.
The reduction in import duties on automobiles under the newly signed India-UK Free Trade Agreement (FTA) will ultimately benefit Indian auto component manufacturers, said Sunil Bharti Mittal, Chairman of Bharti Enterprises, adding that the UK component makers will shift manufacturing to I
India's electronics sector has experienced rapid growth in recent years, with production increasing at a compound annual growth rate (CAGR) of 15 per cent from FY16 to FY24, reaching USD 115 billion.