India’s auto parts sector seen at $110 bn

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 percent to India’s gross domestic product (GDP) from 2.1 percent now,it said.

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