In Fiscal 22, the Auto Component Industry showed impressive growth due to the value additions and numerous regulatory steps undertaken, according to the experts. The industry is steadily evolving with time.
Regardless of being held up due to rising input costs and an acute shortage of semiconductors, the auto component industry displayed an impressive 23 percent growth at ₹4.20 lakh crore ($56.5 billion, according to current rates) for the period April 2021 to March 2022, as compared to the ₹3.40 lakh crore ($45.9 billion) earned in the same quarter period of FY21.
The findings from the Industry Performance Review for the fiscal year 2021-22 of the Automotive Component Manufacturers Association of India (ACMA), revealed this growth.
Vinnie Mehta, Director General, ACMA commented on the performance saying, “The first half of last financial year saw quite a few challenges in the supply chain. We had challenges on the fronts of semiconductors, supply chain disruptions, higher raw material costs, availability of containers, and logistics cost. Despite all this, the industry registered a 23 percent growth.”
