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This is an archive article published on August 27, 2010

Auto parts sector seen at $110 bn in 2020

In the year 2020 the auto components sector is expected to provide employment to about 41 mn,contributing 3.6 pct to India's GDP.

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The Indian auto components sector is seen growing five times to $110 billion in the next decade with investments of more than $35 billion,an industry body said on Friday.

Of that target about $80 billion will be from India itself and the remaining from exports,the Automotive Components Manufacturers’ Association of India said in a statement.

In the year 2020 the auto components sector is expected to provide employment to about 41 million skilled people,contributing 3.6 per cent to India’s gross domestic product from 2.1 per cent now,it said.

The Indian vehicles industry is seeing one of the fastest growth globally at about 30 per cent and the entry of automakers from overseas is leading to more demand for cheaper autoparts in the country.

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