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Industry body fears 10 lakh job losses, seeks Centre intervention to stimulate growth in auto sector

Updated : July 25, 2019 08:26 AM IST

Terming the situation as "unprecedented", ACMA President Ram Venkataramani said vehicle sales in all segments have continued to plummet for the last several months thus impacting the component segment as well.
When asked if layoffs have started, Venkataramani replied in the affirmative. "In the components industry, nearly 70 percent of the workforce is contract workers," he said.
Subdued demand, recent investments made for transition from BS-IV to BS-VI emission norms, lack of clarity on electric vehicle (EV) policy has left the industry unsure of its future and has caused it to stop all future investments, he added.
Industry body fears 10 lakh job losses, seeks Centre intervention to stimulate growth in auto sector
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