INDIAN AUTO COMPONENTS INDUSTRY IN DIRE STRAITS
India, Dec. 2 -- The Indian auto components industry is the worst affected by the latest downturn in the automotive sector. Many of India's emerging auto hubs like Chennai in the Indian state of Tamil Nadu, projected as the 'Detroit of India', seem to be facing a grave demand crisis. Most of the auto components industries in these hubs are running below capacity amid weak domestic demand.
India's auto-components sector contributes nearly 2.3% to the country's Gross Domestic Product (GDP) and employs more than 1.5 million people. The 18.3% growth in the financial year 2017-18 has helped the sector to reach US$ 51.2 billion market value and brought US$ 13.5 billion to the country from exports.
Following this growth trajectory, the Automot...
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