India growing the rate of autoconsumption

According to the current consumption levels, it is assumed that India's automobile industry could increase the import of raw components by nearly about 42% by coming fours years, i.e by 2013-2014, says an industry member.

According to a research done by (FICCI) Federation of Indian Chambers of Commerce and Industry on imports of raw components on automobile.

According to research it is assumed that the share of imports in domestic auto componentmarket is likely to be 50% within upcoming four years.

According to India- ASEAN FTA , custom duty on auto parts like bumpers, gear boxes , pistons and radiators would be zero within next three years. Similarly, custom duty on two wheelers(bikes) would come down to about five percent level or zero under India-South Korea FTA.

The report said 'this could help us to achieve our plan of $40-45 billion of auto component industry within next six years fall under the Automobile Mission Plan announced in 2006"
India is a good destination for light vehicles but it also managed to continue as a net importer of auto components.

However the annual increased rate of importing auto component raise by 30% but the export is not increased as the rate of import ,i.e export is increased by 15%.
The European Union is still the largest source of import with share of 35-37%, South Korea's share increased by 15.4-17% , China by 9% in 2008-09 whereas the share of U.S and Japan is in decreasing order.