India’s auto component industry’s H1FY22 turnover rises 65% YoY

New Delhi, Dec 21 : Indias auto component manufacturing industrys turnover rose 65 per cent during the first half of fiscal 2021-22, on a year-on-year basis, said Automotive Component Manufacturers Association of India (ACMA).The turnover of the automotive component industry rose to Rs 1.

96 lakh crore for the period April-September 2021, registering a growth of 65 per cent over the first half of the previous year.Besides, exports grew by 76 per cent to Rs 68.7 lakh crore ($9.3 billion) while imports grew by 71 per cent to Rs 64.3 lakh crore ($8.7 billion) leading to trade surplus of $600 million."Despite resurgence of demand for vehicles, supply-side issues of availability of semiconductors, increasing input costs, rising logistics costs and availability of containers, among others, continue to hamper recovery in the automotive sector," ACMA President Sunjay Kapur said.

"The auto component industry, against this backdrop, displayed remarkable resilience.Increased value-addition to meet regulatory compliance, fast recovery in external markets and traction in the domestic aftermarket market have contributed to the growth of the sector in the first-half of FY 2021-22."

Indias auto-component industry sees an increase in H1FY22 revenue by 65

Exports increased by 76% to Rs.68.7 crore crore ($9.3 Billion), while imports rose by 71% to Rs.64.3 lakh crore ($8.7 Billillion), resulting in a trade surplus of $600 MillionSunjay Kapur, President of ACMA, stated that despite a rebound in vehicle demand, "supply-side problems of availability semiconductors, increasing input cost, rising logistics costs, and availability containers continue to hinder recovery in the automobile sector." This backdrop was overwhelming for the auto component industry.It showed remarkable resilience.

The sectors growth in FY 2021-22 has been attributed to an increase in value-addition in compliance with regulatory compliance, rapid recovery in foreign markets, and increased traction in domestic aftermarket.#Indias #auto #industrys #turnover #rises #Delhi #Delhi #New Delhi .