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Economic Times
09-07-2025
- Automotive
- Economic Times
National plan for key materials needed to secure EV future: Auto parts makers
Indian auto parts manufacturers are urging the government to develop a national strategy for critical materials, particularly rare earth magnets, essential for electric vehicle production. This call to action comes in response to China's export restrictions, which have disrupted global supply chains. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Auto parts makers are urging the Centre for a national strategy on critical materials to secure the future of automobile manufacturing in the country including electric vehicles . This follows China restricting exports of rare earths, disrupting global supply chains at industries reliant on rare earth magnets like Suri Marwah, president, Automotive Component Manufacturers Association of India (ACMA) said while auto parts makers are continuing to invest in value addition, technology upgradation, and localisation to align with evolving customer needs and global supply chain dynamics, the shortage of rare earth magnets is proving to be a challenge."The limited availability of rare earth magnets is a concern, underscoring the need for national strategy on critical materials to secure EV's future and mobility manufacturing in India," said Marwah, also MD of auto parts maker Subros She said India has adequate raw materials for making rare earth magnets and can attain self-sufficiency if processing centres are set up. "The industry is agile and has also started working on alternate solutions," she geopolitical and supply chain challenges globally, Marwah said the Indian auto parts industry clocked a 10% increase in revenues at $80.2 billion in FY25. The industry, in fact, grew at 14% compounded annually between FY20 and FY25, nearly doubling in size in five years. "FY25 was yet another milestone year where the industry's growth was underpinned by strong domestic demand, rising exports and increasing value addition," said Marwah, adding that as India transitions towards new-age mobility, the industry is making the necessary strides in investments, technology and localisation to serve both domestic and global markets exports rose by 8% to $22.9 billion last fiscal, imports went up at a slower 7.3% to $22.4 billion, resulting in a trade surplus of $453 million. The trade surplus improved from $300 million in Mehta, director general, ACMA said, "This increase in trade surplus indicates India's growing manufacturing competitiveness in the global market and localisation initiatives."
Time of India
08-07-2025
- Automotive
- Time of India
National plan for key materials needed to secure EV future: Auto parts makers
EV calculator How much will I save if I choose an electric vehicle? SELECT vehicle type Calculate Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Auto parts makers are urging the Centre for a national strategy on critical materials to secure the future of automobile manufacturing in the country including electric vehicles . This follows China restricting exports of rare earths, disrupting global supply chains at industries reliant on rare earth magnets like Suri Marwah, president, Automotive Component Manufacturers Association of India (ACMA) said while auto parts makers are continuing to invest in value addition, technology upgradation, and localisation to align with evolving customer needs and global supply chain dynamics, the shortage of rare earth magnets is proving to be a challenge."The limited availability of rare earth magnets is a concern, underscoring the need for national strategy on critical materials to secure EV's future and mobility manufacturing in India," said Marwah, also MD of auto parts maker Subros She said India has adequate raw materials for making rare earth magnets and can attain self-sufficiency if processing centres are set up. "The industry is agile and has also started working on alternate solutions," she geopolitical and supply chain challenges globally, Marwah said the Indian auto parts industry clocked a 10% increase in revenues at $80.2 billion in FY25. The industry, in fact, grew at 14% compounded annually between FY20 and FY25, nearly doubling in size in five years. "FY25 was yet another milestone year where the industry's growth was underpinned by strong domestic demand, rising exports and increasing value addition," said Marwah, adding that as India transitions towards new-age mobility, the industry is making the necessary strides in investments, technology and localisation to serve both domestic and global markets exports rose by 8% to $22.9 billion last fiscal, imports went up at a slower 7.3% to $22.4 billion, resulting in a trade surplus of $453 million. The trade surplus improved from $300 million in Mehta, director general, ACMA said, "This increase in trade surplus indicates India's growing manufacturing competitiveness in the global market and localisation initiatives."
Economic Times
07-05-2025
- Automotive
- Economic Times
Consumers of premium cars and SUVs likely to benefit from India-UK FTA
Consumers may soon find premium cars more affordable. The India-UK FTA is set to lower import duties on high-end vehicles. This could bring down prices significantly. Auto parts makers in India are also expected to gain. They will likely see increased exports to the UK. The agreement promises enhanced cooperation and market access for the automotive industry. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Consumers of premium cars and SUVs are likely to benefit from the India-UK FTA with New Delhi set to cut import duties on a specified volume of per a statement issued by the UK government, high-end cars made in the country "will benefit from a drop (in import duties) from over 100% to 10% under a quota".It is not immediately clear if the reduced levies will apply on certain categories of vehicles or those in a determined price range. Details are also awaited on the quantum of vehicles that the Indian government will allow for imports under concessional Motors-owned Jaguar Land Rover has manufacturing plants in the UK. Tata Motors did not comment on the parts makers in India, industry experts said, should be able to enhance exports to the UK as they will be granted duty-free exemption."This deal should really help our auto component makers sell more in the UK. At the same time, Indian consumers might be able to buy premium cars at the right price point as soon as they are launched globally," said Saurabh Agarwal, partner & automotive tax leader, EY India. "It probably won't shake up our Indian car manufacturers too much because most Indian consumers still prefer the more affordable options."Industry body Automotive Component Manufacturers Association (ACMA) said while it is yet to examine details of the agreement, it expects expanded opportunities, stronger collaborations, and improved market Suri Marwah, president, ACMA said, "The Indian auto component industry looks forward to enhanced co-operation, technology partnerships and market access through this milestone agreement."
Time of India
07-05-2025
- Automotive
- Time of India
Consumers of premium cars and SUVs likely to benefit from India-UK FTA
Consumers may soon find premium cars more affordable. The India-UK FTA is set to lower import duties on high-end vehicles. This could bring down prices significantly. Auto parts makers in India are also expected to gain. They will likely see increased exports to the UK. The agreement promises enhanced cooperation and market access for the automotive industry. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: Consumers of premium cars and SUVs are likely to benefit from the India-UK FTA with New Delhi set to cut import duties on a specified volume of per a statement issued by the UK government, high-end cars made in the country "will benefit from a drop (in import duties) from over 100% to 10% under a quota".It is not immediately clear if the reduced levies will apply on certain categories of vehicles or those in a determined price range. Details are also awaited on the quantum of vehicles that the Indian government will allow for imports under concessional Motors-owned Jaguar Land Rover has manufacturing plants in the UK. Tata Motors did not comment on the parts makers in India, industry experts said, should be able to enhance exports to the UK as they will be granted duty-free exemption."This deal should really help our auto component makers sell more in the UK. At the same time, Indian consumers might be able to buy premium cars at the right price point as soon as they are launched globally," said Saurabh Agarwal, partner & automotive tax leader, EY India. "It probably won't shake up our Indian car manufacturers too much because most Indian consumers still prefer the more affordable options."Industry body Automotive Component Manufacturers Association (ACMA) said while it is yet to examine details of the agreement, it expects expanded opportunities, stronger collaborations, and improved market Suri Marwah, president, ACMA said, "The Indian auto component industry looks forward to enhanced co-operation, technology partnerships and market access through this milestone agreement."
