New Delhi, Aug. 9 -- India is rapidly becoming a central pillar of the China+1 strategy adopted by global auto OEMs, as companies look to diversify their supply chains and reduce dependency on China, according to a joint report by EY and Parthenon.

"India is becoming a key pillar to the China+1 strategy being adopted by global auto OEMs for components. Additionally, low mfg. costs + GoI induced incentives are further boosting exports," the report said.

The report highlights that this shift is driving increased business with Indian original equipment manufacturers (OEs), positioning the country as a preferred sourcing hub.

Boosting this momentum are low manufacturing costs and government-backed incentives, notably the Production-Linked ...