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Turnover For Auto Parts Declines In The Country
For the first time ever, the turnover for the autoparts industry in the country has shrunk in the past fiscal year. The manufacturers are blaming the Chinese imports for the drop in sales.
The local auto parts manufacturers showed a turnover of INR 2.11 lakh crore for the year end, which is a 2 percent drop from the previous year which was INR 2.16 lakh crore. This data was provided by the Automotive Component Manufacturers Association of India (ACMA).
The past year was one of the worst times for the Indian automotive industry. Consumer sentiment in a slowing economy and sticky inflation were the major factors that kept the customers away. Raising imports made it worse for the manufacturers. Indian manufacturers are pushing the government to enforce anti-dumping duties on imports from China.
Harish Lakshman, ACMA President said to ET, "Flagging vehicle sales, high capital costs, high interest rates, currency fluctuations and slowing down of investment in manufacturing, have adversely impacted the growth of the auto component industry."
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Total investment has declined from USD 1.2 billion from the previous year to just USD700 million last year. Accounting for 21 percent of the imports valued at USD 2.6 billion in the last fiscal year, China is the biggest automobile component importer.
The main reason for China to grow is because of the availability of cheap power and hidden subsidies says the partner of automotive practice, at PwC, Abdul Majeed.
Germany ranked number two in this list, supplying 15 percent of the total imports, followed by Japan, Korea and Thailand.
"The imports from China used to be just 10 to 12 percent, but the steady growth over the years is very worrying and we are trying multiple ways to counter this" says Lakshman.
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