Auto component industry growth to slow down at 12-15% in FY12

Indian auto component industry is expecting a slowdown in growth to 12-15 per cent in 2011-12 from over 34 per cent in the previous fiscal, Automotive Component Manufacturers Association of India said on Tuesday.

Notwithstanding this slowdown, the industry is likely to see an investment of about $ 3 billion during the fiscal to enhance capacities across the country.

"The first quarter of 2011-12 witnessed some slowdown in vehicle consumption in India and this seems to suggest the growth in the auto component industry in the current fiscal will be in the range of 12-15 per cent," Automotive Component Manufacturers Association (ACMA) President Srivats Ram told reporters here.

The component industry had witnessed a growth of 34.2 per cent in last fiscal, taking its total turnover to $ 39.9 billion (about Rs 1,82,127 crore),

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