The government will come out with the guidelines for National Research Foundation where ₹1 lakh crore has been allocated for supporting public-private-academia partnerships on R&D, Piyush Goyal
Exports grew by 5.5% to $21.2 billion while imports grew by 3% to $20.9 billion, thus resulting in a trade surplus of $300 million.
Despite headwinds, auto component exports — which contribute around 30% to the total turnover of India's auto ancillary industry — have remained steady.
Exports of auto components grew 2.7% to $10.4 billion (₹85,870 crore) in H1 FY24 from $10.1 billion (₹79,033 crore) in H1 FY23.
Amongst segments, the auto components sales in the passenger vehicle segment stood the highest at 44%, followed by the two-wheeler segment at 18%.
The rating agency expects operating margins of auto ancillaries to improve by 100-150 basis points (bps) year-on-year (YoY) in FY24, thus returning to pre-covid-19 levels of 11-11.5%.
The improvement in demand has resulted in a positive impact on cash flows for aftermarket or replacement dealers and garages.
