As the major Western markets of the US and Europe move towards electric vehicles, the domestic component sector stands to benefit from the outsourcing of the production of ICE components to India.

"Our export and import continue to be really, really well balanced and they are both at USD 15.1 billion in the first nine months that have passed, that is until December 2022," Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta told reporters in an interaction here on the sidelines of an event organised by the industry body.