China makes up 30 per cent of India’s auto component import

[beijingwalker]

China makes up 30 per cent of India’s auto component import​

Component imports in India grew by 10.9 per cent in FY23 to Rs 1.63 lakh crore (USD 20.3 billion) from Rs 1.36 lakh crore (USD 18.3 billion) in 2021-22.

Published: 08th August 2023 08:41 AM

Image used for representational purposes only. (Photo | Express)
By Express News Service

NEW DELHI: China still accounts for the majority of automotive component imports in India with its share coming at 30% in the financial year 2022-23, according to data released by the Automotive Component Manufacturers Association of India (ACMA) on Monday.

China was the biggest source of auto components import, accounting for 30%, in FY21-22 as well. Component imports in India grew by 10.9% in FY23 to Rs 1.63 lakh crore ($20.3 billion) from Rs 1.36 lakh crore ($18.3 billion) in 2021-22. Region-wise, Asia accounted for 66% of imports followed by Europe and North America at 26% and 6% respectively.

ACMA Director General Vinnie Mehta said the component industry is looking to enhance exports while reducing imports, especially from China. As per him, from a peak trade deficit of $2.5 billion a couple of years ago in 2019, the industry has moved to a better position with a trade deficit of just $200 million in terms of imports.

Sunjay Kapur, President, ACMA & Chairman, Sona Comstar said, “The ‘China+1’ de-risking strategy of OEMs augurs well for India to become a global manufacturing hub for automotive components.”

Exports of auto components saw growth of 5.2% to Rs 1.61 lakh crore ($20.1 billion) in 2022-23 in contrast to Rs 1.41 lakh crore ($19.0 billion) in 2021-22. North America accounting for 32% of exports, saw a growth of 8%. Europe accounted for 31% and Asia for 26% grew 3% and 4% respectively.

India’s overall automotive components industry in FY22-23 grew by 32.8% to Rs 5.60 lakh crore ($69.7 billion) as against Rs 4.20 lakh crore ($56.9 billion) earned in FY21-22. The component industry last fiscal outpaced its highest-ever turnover of $57.1 billion (as per prevalent exchange rates) in FY19.

China makes up 30 per cent of India’s auto component import

Component imports in India grew by 10.9 per cent in FY23 to Rs 1.63 lakh crore (USD 20.3 billion) from Rs 1.36 lakh crore (USD 18.3 billion) in 2021-22.

www.newindianexpress.com

 

[beijingwalker]

India's imports from China across at least 25 major commodity groups rise on year​

India's imports from China across at least 25 major commodity groups rise on year

India's imports from China in at least 25 major commodity groups increased in fiscal 2023, including consumer electronics, auto components, and iron and steel products. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's efforts to reduce its...

economictimes.indiatimes.com

 

[mmr]

If current transition to green energy continues china will take more and more market share from every where.

west just start to get serious now like canada announced 30 billion dollar subsidy to make batteries and it will be ready by 2027…

Problem is China already captured huge market and build up supply chair from raw material to finish product.

It will be hard to take it away for west. For india it’s well behind west let alone Chinese.

 

[beijingwalker]

And we keep millions of sick Indians alive

India still heavily reliant on China for life saving drugs despite PLI booster: Report​

India still heavily reliant on China for life saving drugs despite PLI booster: Report

By Surabhi Sarda,
Aug 04, 2023, 06:19 PM

Synopsis

India's pharma industry is heavily dependent on China for bulk drug imports, with 43% of total pharma imports originating from China, according to a report by CareEdge. Moreover, the use of bulk drugs from China has increased from 64% in fiscal year 2014 to 71% in FY23, the report added.​

Among India’s overall pharma imports, bulk drugs continue to contribute 55-66 per cent and dependency on China for the same is expected to remain high in the coming years, report from CareEdge showed on Friday.

The report revealed that India's 43 per cent of total pharma imports are from China, indicating a heavy dependency and raising concerns due to the on-going geopolitical tensions between the two Asian countries.


"The contribution of bulk drug imports from China has exhibited significant growth in both value and volume terms, increasing from 64% and 62% during FY14 to 71% and 75% during FY23, respectively," the report said.

The Indian pharmaceutical industry is estimated to grow at 7 to 8 per cent in FY24-FY25. The bulk drug imports too have witnessed a steady Compound Annual Growth Rate (CAGR) of about 7%, reflecting the industry’s growing reliance on these essential components.

Dependency for life saving drugs​

New Delhi is dependent on China particularly for life saving drugs. “This situation raises legitimate concerns about the availability, cost, and uninterrupted supply of crucial medicines in India's healthcare landscape,” the report said.

India's dependency on Key Starting Materials (KSM) from Beijing exceeds 50%.

India also imports certain formulations which account to 30 per cent to 35 per cent along Ayush and Herbal, and Surgical products, accounting to the rest. However, the imports of these is diversified.

India still heavily reliant on China for life saving drugs despite PLI booster: Report

India's pharma industry is heavily dependent on China for bulk drug imports, with 43% of total pharma imports originating from China, according to a report by CareEdge. Moreover, the use of bulk drugs from China has increased from 64% in fiscal year 2014 to 71% in FY23, the report added.

economictimes.indiatimes.com