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auto parts makers surpass targets

by:ShenHao     2020-06-17
Chennai: The auto manufacturing industry may have missed the ambitious goals set in the car mission plan (AMP)
2020, but the auto parts industry, despite its sharp decline in revenue in the fiscal year
Very close to the target.
The good news is that while parts exports are not as good as AMP targets, the share of auto parts in exports is rising even in the fiscal year
14 years, this is the worst year in the history of the automotive industry, the supply of imported parts is also declining year by yearon-
This year, a senior official from the Indian Association of auto parts manufacturers said (ACMA).
\"In general, the automotive industry will miss its AMP target, but at the component level, we have exceeded the target,\" said Harish Lakshman, president of ACMA . \".
\"The industry is now worth $40 billion, which is the target of AMP 2016.
But the mix of domestic sales and exports, of course, does not match AMP\'s target, \"he added.
According to AMP, the goal of the auto parts industry worth about $14 billion eight years ago was to grow to 40-
Exports amounted to $45 billion between 2016 and 25 billion.
Car parts reach the size target, but in 13-
14, less than half of the $10 target. 2 billion.
\"A new AMP 2026 is under development and will appear as soon as it is ready,\" Lakshman said . \".
\"As for our export trend, we may have missed the AMP target, but we are on the right track in terms of growth. Export-
The import deficit is actually shrinking.
Exports reached $10.
Billions in FY13-20
It was $9 14 years ago.
Imports fell to $7 billion. 13-80 billion14 from $13.
7 billion years ago.
Although the last fiscal year was a difficult year, exports grew by 16% and imports increased.
The export deficit fell from $4 billion to $2. 6 billion.
\"Indian component manufacturers offer the most products to the EU and North America, both of which are huge markets that have just slowed down.
\"Due to cost pressures, these markets are replacing European parts suppliers with Indian parts suppliers, which is why they are our key markets,\" Lakshman said . \".
But the industry is also focusing on new export markets such as Brazil, South Africa, Mexico and ASEAN.
\"Exports may have kept the auto parts industry alive, but in fiscal 13, a slowdown in the domestic economy has hit the auto parts industry seriously --
Increased investment from $1 to nearly half.
It was $5 billion three years ago and $0. 7 billion in the previous fiscal year.
\"Because of the economic slowdown, we are sitting on excess capacity, so investment is falling sharply,\" Lakshman said . \". \"But by FY15-
16. we will return to $1.
As demand accelerated, it reached a level of 5 billion. In FY 14-
Investment will be a little more than last year, about $0. 8 billion.
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