India’s manufacturing base and cost advantages will position the country suitably for potential market leadership in coming years, said NITI Aayog in its latest report.
“India’s presence in the global automotive component market is relatively small. However, India’s growing manufacturing base and cost advantages position it suitably for potential market leader in coming years,” said the report.
As per the report, India’s auto component exports have risen from USD 7.4 billion in Financial Year 2021 (FY21) to USD 12.8 billion in FY24.
The demand for high-quality automotive parts, especially engine components and transmission systems, is a testament to India’s capabilities, combined with the fact that many components produced in India are used in vehicles manufactured by global brands operating in Europe.
Proximity to Africa and Southeast Asia also provides India an opportunity to further grow its export share through such emerging markets where demand for auto components is expected to rise as auto sales and manufacturing grow in these countries, the NITI Aayog said in the report.
Source Code : https://economictimes.indiatimes.com/
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