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Auto parts exports set to zoom
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`Industry is driven by strong R&D capabilities'
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HANNOVER:
India's auto components exports have clocked a record 33 per cent growth rate over the last three years and are likely to touch $5 billion by 2015, an Indian expert has said.
"Value realisation from India's auto components exports are projected to touch $25 billion by 2015, as many Indian companies are snapping up plants and operations overseas to gain direct access to global Original Equipment Manufacturers and expanding product range,'' Rakesh Shah, Chairman of the Engineering Export Promotion Council (EEPC), said here.
Big rise in sourcing
The exports would also rise owing to a huge increase in sourcing of auto components from India by several developed countries, he said at a seminar jointly organised by the Ministry of Commerce and Industry, the EEPC, and the India Brand Equity Foundation here on Tuesday. Commerce Secretary, S. N. Menon, who chaired the session, said many international auto majors such as General Motors, Toyota, Ford, Honda, Hyundai, Suzuki and Mercedes were manufacturing in India and most of them were also outsourcing their components from India. The industry was also driven by strong R&D capabilities, Mr. Menon said. — PTI
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