India, Oct. 17 -- By Shailesh Yadav

New Delhi [India], October 17 (ANI): The recent GST rate cut has led to a surge in orders for auto component manufacturers, driven by increased vehicle sales and consumer purchasing power.

Speaking to reporters, Nirmal K. Minda, the newly elected President of ASSOCHAM, stated that the tax reduction has boosted demand for automobiles, resulting in a positive impact on the auto component sector during the festive season.

"Sales of automobile companies have increased, and due to this, we auto component companies are sitting on good orders from automobile manufacturer companies," Minda said.

While acknowledging the positive impact of the festive season on growth, he cautioned that the buying momentum mi...