ACMA Reports 8.8 % Growth In Component Industry

ACMA Reports 8.8 % Growth In Component Industry
The Automotive Component Manufacturers Association of India (ACMA) today announced the figures for FY 2015-16 under its Industry Performance Review. During the period, the auto component industry reported a turnover of Rs 2.55 lakh crore, registering a growth of 8.8 % in comparison to the previous year.
ACMA said exports sector grew by 3.5 % to Rs 70,900 crore, under which the key products included engine and transmission parts, brake system and components, body parts, exhaust systems and turbochargers. Imports too followed a similar trait by reporting a 9.3 % growth to Rs 90,600 crore as compared to Rs 82,900 crore in the previous fiscal. The aftermarket figures also reported a growth of 12 % during FY 2015-16.
Arvind Balaji, President, ACMA, said despite a challenging year, the auto component industry has registered a satisfactory growth of 8.8 % in 2015-16. Further, while overall exports from India witnessed de-growth of 9.58 %, the Indian auto component industry exports grew by 3.5 %, he added. With signs of recovery in the auto market in India and prospects of a better monsoon, the component sector is expected to witness growth in early double digits this year, Balaji noted.