NEW DELHI: Icra ratings agency today said it expects auto sales in the auto component industry to grow by 10 percent in the current fiscal, driven by growth in sales in passenger car and motorcycle segments. The rating agency said in its quarterly auto report on the components sector that it expects the auto components sector to grow by 8.5-10% in the current fiscal, compared to a growth rate of 2.8% in the last fiscal. In the medium to long term, the auto components industry is likely to grow higher than the underlying growth of the automotive industry, given the increase in OEM localization, increase in component content per vehicle and increase in exports to India. “ICRA According to the report, the implementation of the Seventh Wage Board is expected to support urban/semi-urban industries such as photovoltaics, scooters, etc., while rural demand will be boosted by above-average monsoons. On the other hand, ICRA said that strong demand for passenger vehicles in North America...