However, the industry’s net foreign exchange was positive for the first time ever with companies exporting more ($ 5.2 billion) than importing ($ 5 billion) during the first half of 2020-21.

According to Automotive Component Manufacturers Association of India (ACMA), believes that such a move will be detrimental for attracting future investments in Haryana

Niti Aayog CEO added that there is need for new synergies such as with IT industry in the areas of power electronics. India must look at using the first mover advantage for producing all components for electric vehicles, thus driving towards the path of being a future global leader.

The last three months were difficult for the auto component industry while there is hope for a partial recovery with two- and three-wheeler market and exports. For long, the Indian automotive market experienced slowdown headwinds which were followed by Covid 19. In this article, This article discusses auto component industry challenges and the way ahead.

The new package is expected to give a big boost to the MSME sector, which has been under severe stress.

Auto sector is going through a tough time due to Covid-19 effects which has seen several shutdowns or limited operations across the nation.

The association will create a taskforce to evaluate the possibility of manufacturing facemasks, hand-sanitisers by component manufacturers.

With over 1,500 companies and nearly 1,200 product launches, Auto Expo 2020-Components received enthusiastic response from all participants as the automotive segment prepares to undergo a significant transformation.

The Government of Andhra Pradesh aims to support the automobile, auto components & EV ecosystem in the state through pro-active administration.