Summary:

According to NITI Aayog, India's growing manufacturing base and cost advantages position it as a potential leader in the global automotive component industry. Auto component exports rose by 73%, from Rs. 63,181 crore (US$ 7.4 billion) in FY21 to Rs. 1,09,286 crore (US$ 12.8 billion) in FY24. Drive Gearbox Systems, Engine Components, and Electronics are the leading exports, mainly to North America and Europe, with emerging markets in Africa and Southeast Asia showing potential for growth.

India's auto component imports have surged by 80%, from Rs. 57,205 crore (US$ 6.7 billion) in FY21 to Rs. 1,03,310 crore (US$ 12.1 billion) in FY24. Engine components and body/chassis/ Body-in-White dominate imports, with China accounting for 23%. The rise in imports indicates a strong domestic market and a demand for high-quality parts.

Source: IBEF

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