Auto parts sector should aim for $100 bln exports by 2030, says Goyal
This story was originally published at 20:13 IST on 9 September 2024
Register to read our real-time news.Informist, Monday, Sep 9, 2024
NEW DELHI – The automobile component industry should aim to increase its exports to $100 bln by 2030 from $21.2 bln at the end of 2023-24 (Apr-Mar), Minister of Commerce and Industry Piyush Goyal said at the annual session of the Automotive Component Manufacturers Association of India today.
"I still hold on to my 2030 target of $100 bln (for the auto component industry). We have already crossed $21.2 bln," he said. "Your (component makers) skills, talents, and hard work will certainly help take this industry's export to $100 billion by 2030, making it one of the largest job generators in the country."
In 2023-24, India's auto component sector clocked turnover of $74 bln. Its exports rose 5.5% to $21.2 bln in 2023-24 (Apr-Mar), while imports increased 3% to $20.9 bln, resulting in a $300-mln trade surplus. In its annual review report released in July, the Automotive Component Manufacturers Association based this "high performance of the sector" on consistent vehicle production, a robust aftermarket, and rising exports. End
Reported by Darshan Nakhwa
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
