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Auto parts sector seen at $110 bln in 2020 - industry body
File photo of employees working on the assembly line of an automaker in Chakan, March 13, 2010.
Credit: Reuters/Arko Datta/Files
NEW DELHI |
NEW DELHI (Reuters) - The auto components sector is seen growing five times to $110 billion in the next decade with investments of more than $35 billion, an industry body said on Friday.
Of that target about $80 billion will be from India itself and the remaining from exports, the Automotive Components Manufacturers' Association of India said in a statement.
In the year 2020 the auto components sector is expected to provide employment to about 41 million skilled people, contributing 3.6 percent to India's gross domestic product from 2.1 percent now, it said.
The Indian vehicles industry is seeing one of the fastest growth globally at about 30 percent and the entry of automakers from overseas is leading to more demand for cheaper autoparts in the country.
(Reporting by Sanjeev Choudhary; Editing by Ramya Venugopal)
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