Indian auto component industry de-grows by 11.7 percent as OEM sales decline: ACMA
ACMA (Automotive Component Manufacturers Association of India), the apex body representing India’s Auto Component manufacturing industry has declared the numbers for the fiscal year 2019-20. The apex body reported that the turnover of the automotive component industry stood at Rs. 3.49 lakh crore for the period April 2019 to March 2020, therefore a decline of 11.7% over the previous year was observed in the sector. The imports see a decline of 11.4% and the exports stand at 3.2% decline in the sector. ACMA has requested the government to reduce the G.S.T on vehicles, so that the demand for vehicles in the country can be enhanced in their bid to support the vehicle industry.