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Car making is one of the fastest growing segments of the industry in India. India produced and sold 1.2 million cars in 2004, ranking itself to be the tenth largest producer of cars in the world. Indian made component of the cars is about 85%, with 15% specialized components still imported. In addition commercial vehicle production has also kept pace with fast economic development. All these require auto parts, most of which are manufactured in the country. Following India's growing openness, the arrival of new and existing models, easy availability of finance at relatively low rate of interest and price discounts offered by the dealers and manufacturers all have stirred the demand for vehicles and a strong growth of the Indian automobile industry.
Indian manufacturers currently enjoy a competitive advantage in the production of assembled auto parts like clutches (one of the fastest growing items in the global automotive components export market), where the labour-intensity of production in relatively high.
Similarly, Indian manufacturers have an advantage in castings and forgings, as these are subject to less stringent environment regulations in India vis-à-vis developed countries.
The auto parts industry has emerged as one of the country's fastest-growing manufacturing sectors and a globally competitive one with a turnover of US$ 8.7 billion in 2004-2005. The passenger vehicles posted a growth of 18% in the year 2004-05 over the year 2003-04.
India has emerged as a significant exporter of auto parts. From US$ 578 million in 2001-02, overseas sales of Indian companies have jumped to US$ 1.4 billion in 2004-05.
Indian economists have classified auto parts export segment of business as key area of future development. This business in US alone is worth $150 billion a year. |
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