Auto component growth to slow down to 8-10%: ACMA
12 Oct 2012 2:29 AM GMT
The Indian auto component sector grew by 15.7 per cent in fiscal 2011-12 posting a turnover of Rs 2,10,400 crore but the growth will moderate to 8-10 per cent in the ongoing fiscal, according to industry body ACMA.
In its ‘Industry Performance Review’ for the fiscal 2011-12, Automotive Component Manufacturers Association of India [ACMA] said investments in the sector declined to around USD 1.6-1.9 billion in FY12 as compared to USD 2-2.5 billion in FY11 due to moderation in vehicle sales and depressed market sentiments.
‘The turnover of the auto component industry stood at Rs 2,10,400 crore [USD 43.4 billion] for the period April 2011 to March 2012, registering a growth of 15.7 percent [in rupee terms] over the previous year,’ ACMA said in a statement.
MEETING APPAREL EXPORT TARGET TOUGH
It will be difficult to achieve this fiscal’s $18 billion apparel export target set by the textiles ministry, even as efforts are on to explore new markets with diversified products, Apparel Export Promotion Council has said. ‘With the decline in export base, particularly, it will be difficult to achieve the target of $18 billion.
In its ‘Industry Performance Review’ for the fiscal 2011-12, Automotive Component Manufacturers Association of India [ACMA] said investments in the sector declined to around USD 1.6-1.9 billion in FY12 as compared to USD 2-2.5 billion in FY11 due to moderation in vehicle sales and depressed market sentiments.
‘The turnover of the auto component industry stood at Rs 2,10,400 crore [USD 43.4 billion] for the period April 2011 to March 2012, registering a growth of 15.7 percent [in rupee terms] over the previous year,’ ACMA said in a statement.
MEETING APPAREL EXPORT TARGET TOUGH
It will be difficult to achieve this fiscal’s $18 billion apparel export target set by the textiles ministry, even as efforts are on to explore new markets with diversified products, Apparel Export Promotion Council has said. ‘With the decline in export base, particularly, it will be difficult to achieve the target of $18 billion.
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