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.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more