India to increase auto parts exports 20%

India to increase auto parts exports 20%

The Automotive Component Manufacturers Association of India expects that India's auto parts exports will increase 20% year on year to $1.2 billion for the fiscal year ending March 31, 2005. Total turnover of auto parts manufacturers in India will increase from $6.7 billion in the previous financial year to $8 billion during the current fiscal year. India's auto parts industry intends to increase exports to $20-25 billion by 2015 since overseas markets are projected to grow at a higher pace. The total turnover of the country's auto parts industry is expected to reach $33-40 billion by 2015.