Auto part makers see exports nearly trebling this year

Auto components exports are likely to nearly treble this fiscal with the two largest markets, the US and Britain, performing well and the auto segment figuring prominently in Prime Minister Narendra Modi's 'Make in India' plans, an industry leader has said.
"Last year exports growth was 5.5 per cent and this year it should definitely be around 10-15 per cent," Auto Component Manufacturers Association of India Director General Vinnie Mehta said.
Domestic component makers' two largest exports markets of the US and Britain continue to be in good shape from the shipments point of view and will be the key geographies driving this growth, he said.

Earlier this month, the association had said that the economic slowdown in the last three years had resulted in a demand slump and would force the domestic auto industry to miss by up to 25 per cent of the targets set in the ambitious Automotive Mission Plan 2016.
The auto industry had set an ambitious target under the 2006-16 plan to take its annual turnover to USD 145 billion with special emphasis on export of small cars, MUVs, two and three wheelers and auto components.
Terming the 'Make in India' campaign, which envisages to make the country a manufacturing hub, extremely positive for component manufacturers, Mehta said, "positive sentiments are always best for both the consumers and the industry."

He said the industry expects from the government to implement the long-pending GST regime as a uniform tax structure creates a pan-India market. If the taxes go down, it makes a product more competitive.