Exports of 'Made-in-India' vehicles have touched Rs 2,928 crore (Rs 29.28 billion) during April-October 2003 after growing by 32.4 per cent in value terms during 2002-03 to Rs 3,396 crore (Rs 33.96 billion).
Minister of State for Heavy Industries Santosh Kumar Gangwar informed the Lok Sabha that 254,589 vehicles were exported during the first seven months this fiscal to markets like Europe, South Africa, Sri Lanka, Bangladesh, Morocco, Latin America and North America.
Last year, 305,368 vehicles were sold abroad, a 65.3 per cent rise over 184,680 units exported in 2001-02.
The automobile industry grew by 12.10 per cent during April-October 2003, while growth in the auto component industry was about 18 per cent during April-August 2003, Gangwar said.
During 2002-03, the automobile industry had grown by 18.59 per cent, while the component industry clocked a 16 per cent growth, he said.
During the last three years, the export of components was at Rs 2,706 crore (Rs 27.06 billion), Rs 2,775 crore (Rs 27.75 billion) and Rs 3,800 crore (Rs 38 billion) respectively, the minister said and attributed the growth to progressive liberalisation of the auto sector over the last decade and implementation of the auto policy announced by the government in March 2002.
Foreign carmakers like Suzuki, Hyundai, Honda, Ford, General Motors, Toyota, DaimlerChrysler and Fiat have invested nearly Rs 9,700 crore (Rs 97 billion) to set up plants in India after the liberalisation of the sector, Gangwar said.
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