Auto component industry looking to invest around $7 billion over next five years: ACMA`s President
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Automotive Component Manufacturers Association of India (ACMA) President Shradha Suri Marwah has said that the auto component industry is looking to invest around $6.5 to 7 billion over the next five years as compared to $3.5-4 billion spent in the last five years. The components industry continues to make investments for purposes of higher value-addition, technology upgradation, and localisation to stay relevant to both domestic and international customers.
Further, Marwah said the industry, which recorded a 12.6 per cent year-on-year revenue growth in the first half (April-September) of the current fiscal at Rs 2.98 lakh crore, expects double digit sales growth to continue in the rest of the current fiscal and in the upcoming financial year as well. She noted ‘Going forward, considering the festive season has gone well with significant sales across most segments of the vehicle industry, I am optimistic that the current fiscal year will witness another good performance from the auto components sector.’
Besides, She added with vehicle sales across all segments reaching pre-pandemic levels and with mitigation of supply-side issues witnessed during the pandemic such as availability of semiconductors, high input raw-material costs and non-availability of containers, the auto components sector witnessed a steady growth in both domestic and the international markets in the first-half of FY2023-24.
