The Indian economy is expected to grow at 7.8 per cent in FY 2015-16 and 8.2 per cent in FY 2016-17, as per the forecast by Asian Development Bank (ADB). Foreign direct investment (FDI) inflows have increased 40 per cent during April- June this year to reach US$ 9.06 billion, compared to same period last year.
According to the Automotive Component Manufacturers Association of India (ACMA), the Indian auto-components industry is expected to register a turnover of US$ 66 billion by FY 15–16 with the likelihood to touch US$ 115 billion by FY 20–21 and US$ 200 billion by 2026. In addition, industry exports are projected to reach US$ 12 billion by FY 15–16 and add up to US$ 30 billion by FY20–21, further rising to US$ 80 billion by 2026. The sector’s contribution to manufacturing GDP is expected to double from 5 per cent in 2015 to 10 per cent in 2026.
60% of the castings produced in India are provided to automotive industry.
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