The Indian auto component sector is likely to clock a growth of 8-10 per cent this fiscal amid tough market environment,industry body ACMA said on Wednesday.
“In 2012-13 the domestic auto component industry is expected to witness a growth of 8-10 per cent,while exportsare likely ot increase by 15-20 per cent,” Automotive Component Manufacturers Association of India (ACMA) Executive Director Vinnie Mehta said.
Speaking at the annual convention of the body,he said in 2011-12,the component industry had a revenue of USD 43.5 billion,while exports stood at USD 7 billion.
“Imports by the component industry was at USD 10.25 billion dollars,while investment of USD 1.6-1.9 billion was made in the last fiscal,” Mehta said.
Commenting on the overall macroeconomic environment,ACMA outgoing President Arvind Kapur said: “The Indian economy is experiencing not just an ordinary slowdown but a sharp downturn in investment cycle,domestic policy paralysis and uncertain trade environment.
“However,one must not forget that under penetrated markets and the unfulfilled mobility aspirations of the people of India are the silver lining that gives us the confidence of a steady growth trajectory.”
At the end of its annual convention,ACMA said it has elected Bharat Gears Chairman and Managing Director Surinder Kanwar as the new President,while Rane TRW Managing Director Harish Lakshman has been elected as the new Vice-President for one year term each.