New Delhi, April 20 -- India's manufacturing base and cost advantages will position the country suitably for potential market leadership in coming years, said NITI Aayog in its latest report.

"India's presence in the global automotive component market is relatively small. However, India's growing manufacturing base and cost advantages position it suitably for potential market leader in coming years," said the report.

As per the report, India's auto component exports have risen from USD 7.4 billion in Financial Year 2021 (FY21) to USD 12.8 billion in FY24.

Particularly noteworthy is the fact that since FY21, India saw a 73 percent surge in exports, thereby reflecting India's post-pandemic recovery and increasing global demand for auto c...