34 per cent decline in revenue for auto parts manufacturers

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Mumbai, Ta. Thursday, December 17, 2020

In the first six months of the current financial year, the revenue of auto parts companies in the country has declined by 2.50%. The lockdown has affected production revenue, the Automotive Component Manufacturers Association said.

The situation improved significantly in the second and third quarters as automobile production increased significantly. The festival saw an increase in auto demand.

In the six months ended September 30, revenue fell to Rs 1.18 trillion from Rs 1.3 trillion in the same period last year. Imports of auto parts are also declining in the country due to the impact of the Self-Reliance India program.

Imports of auto parts fell by 3.50 per cent to Rs 210 crore while exports fell by 3.04 per cent to Rs 2,008 crore.

Due to the recently announced Production Linked Incentive Scheme, a high level of auto parts exports is expected to be maintained in the coming years, an official of the association said.

The performance of the auto parts industry has improved significantly since the lockdown was lifted and demand is expected to grow in the next financial year. It may be mentioned here that the auto industry in the country has been in a severe slump for the last two years. Demand for tractors with good monsoon has increased significantly in the current year.


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