BaronWard - TDD-Global

NEW DELHI: The Indian auto component industry is cautiously optimistic of achieving high single digit growth this year as the industry as a whole is showing signs of recovery. The Automotive Component Manufacturers Association of India (ACMA) expects the domestic market to continue to be a major contributor to the business and is looking at export growth after the “successful” components exhibition organized alongside the Auto Expo. “We are starting to see positive signs in the parts industry. There are signs of recovery. While the rural market is larger, the passenger vehicle segment is growing and the commercial vehicle segment is also doing well.” ACMA Arvind chairman Balaji told PTI: “We are frustrated.” He also predicted that early signs of increased economic activity would lead to wider growth. Asked about growth expectations for this year, Balaji said, “It is too early for the growth rate. We have to wait until the bugdet. Any number ...

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