In the most recent report of ICRA clarified that the Auto motor Parts exports from India are expected to grow from around 8% to 10% in the current fiscal year 2022
As per the latest India Import Export Data, on Monday, ICRA stated that, in the first half of the current fiscal year, the Auto Parts exports from India reported a year by year growth of 29%.
They are aggregating an annual overall revenue of around 3,00,000 crore in the current fiscal year.
The Auto parts export demands have been slowed down in the last few months due to inflationary pressures, geopolitical tensions, and supply-chain issues
Latest data shows that the “Domestic original equipment manufacturer” (OEM) demanded the most of around 50% sale of the Indian Auto Parts industry. And India is expecting that the relationship will remain the same in the upcoming FY23.
Vinutaa S, Vice President and Sector Head at ICRA stated that India is expecting double-digit growth in both passenger and commercial vehicles.
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