Sound domestic demand, high exports to push auto components industry by 10-15%, says ACMA president

The Indian Auto Component sector is upbeat with industry's current performance and is confident about ending the current financial year on a very positive note. In an exclusive interaction with CNBC TV18, Sunjay Kapur President of ACMA and Chairman of Sona Comstar said, "I'm positive about the Indian auto and auto component industry. Confident industry will grow between 10-15% in FY24. In H1 component industry generated a revenue of $33 billion which included export of $10.1 billion. We had a trade surplus for the first time in history in last Financial Year."

He also added that there is strong growth in the domestic market and exports and the first nine months of this fiscal has seen exports worth $15.1 billion.

On being asked about the current demand and whether it will sustain, Sunjay Kapur said, "The demand is here to stay, we hope imports will reduce as there is a push on localisation. Hope to see a continuous push by the government on localisation. Several International Purchase Offices want to source from India, we're seeing push towards China in plus one. Excess capacity from China coming to India as India is upgrading its technology."