Auto component manufacturers in India account a lot for this development.
India is becoming self-sufficient in agriculture, services and manufacturing products. According to its requirements since decades but all these sections of development are interdependent on transportation and automobile industries. Make in India strategy that is being followed by the government made the achievement more progressive.
The turnover of Indian auto mobile component industry is expected to account for up to 115 billion US DOLLARS by the financial year 2021. In 2016, India overtook Japan for the second place in steel production and low manufacturing cost. Indian auto component manufacturing industry accounts up to 7 percent of the national GDP and employs over 19 million people. The domestic market is expected to reach the growth level of 71 percent by 2021 by the competitive and qualitative efforts of auto component manufacturers in India.
The growth of global OEMs and localization of OEMs made the country a perfect place for manufacturing and designing base. OEM stands for original equipment manufacturer. India is expected to reach the 4th place in auto mobile manufacturing by 2020 after China, US and Japan and third place by 2025. Since last decade, the auto component industry in India has shown three times growth from USD 39 billion to 100 billion USD by 2016. Auto componentmanufacturers in India account a lot for this development.
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