It
is analyzed from that the Auto Components Manufacturers in India has gained much growth over the last few
years. The industry had expanded up to 14.3%. It is all because of the sales
corner in the huge market. It aims to gain around Rs 2.92 lakh crore which is
said to be as $44.90 in US currency. It was all attributed in the financial
year 2016-2017.
The
auto- components industry contributes to around 7 percent of the GDP and
provides employment to around 25 million people of the country both directly as
well as indirectly.
India
is all made to be as one of the most favourable spots which has increased the
purchasing power of the people and resulted in a large domestic market. A
stable government framework is also made with huge development in the
infrastructure sector which is continuously increasing. Hence, India has become
the best destination for the purpose of investment.
Summary
As
per the reviews by the Automotive Component Manufacturers Association of India,
It could be easily analyzed that India’s auto-components manufacturer company
is expected to grow by around 8-10 percent in the financial year 2017-18 and to
gain up to $100 billion by the year 2020. Initially, India has exports of
around $11.2 billion and expected to be $80-$100 billion by the year 2026. This
conclusion was based on the content of the higher component in a vehicle and
the continuous rise in the exports according to the ICRA Ltd.
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