Pandemic struck: Auto parts industry s H1FY21 turnover de-grows 34% daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.
COVID-19 slows auto industry by 4 years; full recovery by 2024
The auto industry recorded a turnover of $15.9 billion during the during the first half of 2020-21 against $26.2 billion in 2019-20, which itself was lower than $29 billion in the same period of 2018-19
Sumant Banerji | December 17, 2020 | Updated 00:37 IST
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It comes on a low base of 10.1% decline in turnover in H1 2019-20
It turns forex positive for the first time ever
Exports at $5.2 billion higher than imports at $5 billion
Industry expects a strong revival in H2 but FY21 turnover to decline in double digits
The domestic automotive component industry that forms the backbone of India s $100 billion automobile industry, suffered a steep 35 per cent decline in turnover in the first half of 2020-21 as the pandemic piled on more misery on an industry that was anyway reeling under an unprecedented slowdown.
by Mayank Dhingra 16 Dec 2020 Industry net foreign exchange positive for the first time ever: exports at Rs.39,003 crore (US$ 5.2 billion) decrease by 23.6%; imports at Rs.37,710 crore (US$ 5.0 billion) decrease by 32.7%. Deepak Jain: “The industry does aspire to have a sustainable export situation and reduce imports by enhancing localisation, which is being aided by government initiatives such as the PLI scheme.” Vinnie Mehta: “The aftermarket segment was impacted due to the lockdown, due to short supply of working capital with small distributors and retailers controlling this space. It came to pre-Covid levels as early as June because of the resurging demand for replacement parts in the repair market.”
BW Businessworld
Indian Auto Component Industry clocks turnover of Rs 1.19 lakh cr, De-Grows 34% in H1FY2: ACMA
Industry net foreign exchange positive for the first time ever; Exports at Rs 39,003 crore, decreased by 23.6 per cent; Imports at Rs.37,710 crore, decreased 32.7 per cent, an official statement from ACMA said
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The Automotive Component Manufacturers Association of India (ACMA), the apex body representing India’s Auto Component manufacturing industry announced the findings of its Industry Performance Review for the first half of fiscal 2020-21. The turnover of the automotive component industry stood at Rs.1.19 lakh crore (USD 15.9 billion) for the period April 2020 to September 2020, registering a de-growth of 34 per cent over the first half of the previous year.
Auto part makers revenue declined by 34% in first half of FY21: Acma - business news hindustantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hindustantimes.com Daily Mail and Mail on Sunday newspapers.