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Indian Auto Components Sector Registers Revenue Decline Of 34 Per Cent In H1 2020-21

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The general turnover of the automotive element trade stood at Rs. 1.19 lakh crore for the interval April 2020 to September 2020 which is a registering a decline of 34 per cent over the primary half of the earlier 12 months.

Overall turnover in the auto component sector stood at Rs. 1.19 lakh crore in H1 FY 2020-21.
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Overall turnover within the auto element sector stood at Rs. 1.19 lakh crore in H1 FY 2020-21.

Automotive Component Manufacturers Association of India (ACMA) has introduced the findings of the element trade efficiency assessment for the primary half of fiscal 2020-21. The general turnover of the automotive element trade stood at ₹ 1.19 lakh crore for the interval April 2020 to September 2020 which is a registering a decline of 34 per cent over the primary half of the earlier 12 months. Exports within the auto element sector in the identical interval declined by 23.6 per cent at ₹ 39,003 crore as in comparison with ₹ 51,028 crore within the first half of 2019-20. Europe accounting for 31 per cent of exports, noticed a decline of 28 %, whereas North America and Asia, accounting for 30 per cent and 29 per cent respectively additionally registered decline of 28 and 30 per cent respectively.

Also Read: Congestion Of Auto Components Imported From China May Lead To Production Delays

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Imports have recorded higher decline as in comparison with exports in H1 FY 2020-21.

Commenting on the efficiency of the auto element trade in India, Vinnie Mehta, Director General, ACMA stated, “The auto industry witnessed a downturn in FY2019-20, the situation further aggravated with the outbreak of the pandemic and the lockdown. While the first quarter for FY20-21 was significantly stressed, however with unlocking of the economy, the sales of vehicles witnessed improvement, month-on-month, in the second quarter. The component industry, in tandem, posted a subdued performance with de-growth of 34 per cent over the first half of the last fiscal, registering a turnover of ₹ 1.19 lakh crore. However, for the first time ever, the industry witnessed a trade surplus with Auto Component exports at ₹ 39,003 crore and imports at ₹ 37,710 crore; both exports and imports declined by 23.6 per cent and 32.7 per cent respectively. The Aftermarket, estimated at ₹ 31,116 crore, also witnessed de-growth of 15 per cent. Component sales to OEMs in the domestic market contracted the most to ₹ 87,120 crore, declining 42 per cent”.

Also Read: Congestion Of Auto Components Imported From China May Lead To Production Delays

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There have been some shutdowns as nicely on this interval.

Sharing his insights on the efficiency of the auto element trade, Deepak Jain, President, ACMA stated, “In the backdrop of the pandemic and the lockdown, the automotive industry faced unprecedented challenges in the first-half of FY 2020-21. The auto component industry, through agility, flexibility and financial discipline, has displayed remarkable resilience and has comeback strongly with the unlocking of the economy. I am thankful to the OEMs for their support and for the timely intervention by the Government, especially in addressing the supply side challenges. Going forward, whilst the performance of the industry during the festive season has been heartening, there are indications that the vehicle demand, in the coming months, will be sustained. This, together with the increased focus by the auto industry on deep-localisation and the recent announcement of PLI schemes for the automotive sector and cell/battery manufacturing by the Government, augur well towards making the auto-component industry a self-reliant one. We are also hopeful that the Government would consider PLI or appropriate manufacturing schemes for auto-electronics and xEV components as well.”

Also Read: Auto Component Sector Likely To See Job Cuts If There’s Weak Demand: ACMA

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Imports of auto elements decreased by 32.7 per cent at ₹ 37,710 crore within the first half of 2020-21 from ₹ 56,066 crore in H1 2019-20. Asia accounted for 60 per cent of imports adopted by Europe and North America, with 30 per cent and 9 per cent respectively. Imports from each market witnessed a decline.

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