Tesla CEO Elon Musk has previously urged the Government of India to bring the taxes down. The Government is now asking Tesla to source auto components worth at least $500 million from India.

The domestic auto components industry may see a revenue growth of 15-17 % this fiscal and 10-12% in the next financial year on the back of recovery in automobile sales, according to a report.

Rating agency Icra revised downwards the revenue growth forecast for the auto components industry in the current fiscal to 15-17 percent.

A moderate rate of 18 per cent will not only address this challenge but will also enhance the tax base through better compliance, says Sunjay Kapur, President, Automotive Component Manufacturers Association (ACMA).

The machine tool industry has a historic chance of growth due to the shift to electric vehicles and demand for localised manufacturing, as per the head of the biggest Taiwanese machine tool company.

Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry announced a growth of 65 per cent over the first half of the previous year.

Dr Mahendra Nath Pandey, Union Heavy Industries Minister, mentioned that India’s transition to Electric Mobility System can save Rs 20 trillion by 2030 on avoided oil imports alone.

The Ministry of Heavy Industries (MHI) is organizing a Round Table to Promote Electric Vehicles on December 4, 2021 at Goa.

The auto components industry is poised for a 10- 15 per cent growth in fiscal 2022, following a 3 per cent slide in FY21 during peak Covid pandemic, according to Sunjay Kapur.