The Indian auto component industry is one of India's sunrise industries with tremendous growth prospects. From a low-key supplier providing components to the domestic market alone, the industry has emerged as one of the key auto components centers in Asia and is today seen as a significant player in the global automotive supply chain. India is now a supplier of a range of high-value and critical automobile components to global auto makers.
In the beginning of the financial year 2008-09, the automotive industry envisaged robust growth, but due to the global economic melt down and resulting slow down in Indian economy, the vehicle production drastically started reducing from August '08 onwards. Though global recession had affected the Indian auto components industry, it is now slowly coming back on track.
Being a part of this industry, if we look into the future then I assume that, with the investments around US$ 15 billion slated for the sector over the next few years, the prospects for India's auto market are bright. Even though India's auto component industry has conventionally relied on exports for its profits, the domestic market itself is ripe with rapidly growing opportunities. Industry experts are hopeful that the country will be able to offset China and other Southeast Asian countries' traditional manufacturing advantage in the coming years, facilitating the industry's achievement of its targeted market value of US$ 40 billion by 2014.
We, at Lumax, believe that we are well on our way to achieve our vision of being a quality product at competitive price.
With all this I on behalf of Lumax family wishing you a great year ahead.
Chairman & Managing Director