CHENNAI: Bouncing back to pre-pandemic levels, the auto component industry clocked its highest turnover in five years in FY22 at Rs 4.2 lakh crore, up 23% over Rs 3.4 lakh crore reported in FY21.
The turnover is also higher than the FY19 record of Rs 3.95 lakh crore, according to Automotive Component Manufacturers Association (ACMA) .
The surge was fuelled by buoyant exports of Rs 1.41 lakh crore ($19 billion), up 43% due to the "increased interest in sourcing from India and China-plus-one policy", said Sunjay Kapur, president, ACMA, & chairman, Sona Comstar. As demand rebounded, imports grew by 33% to Rs 1.36 lakh crore ($18.3 billion), leading to a trade surplus of $700 million.
On the export front, India's top destinations showed an uptick - North America, accounting for 32% of Indian exports, was up 46%. "The turnover is at pre-pandemic levels now and the capex cycle is on because demand has gone up," said Kapur.
