India's auto components industry still reeling from Red Sea crisis

The Indian auto component industry exported items worth $21.2 billion in 2023-24, marking a five per cent year-on-year growth, he noted

The Red Sea crisis is significantly impacting the multi-billion-dollar India’s auto components industry. Delivery times for containers have doubled, ports like Singapore are congested, and freight rates have risen sharply as ships take longer routes for safety, the Automotive Component Manufacturers Association of India (Acma) said on Thursday.

"The time to deliver containers has gone up substantially, almost twice or thrice. The trade route has become so much more elongated and you avoid the Red Sea and you have to go down to South Africa down to the Cape of Good Hope to access Europe. Europe is