Auto Component Manufacturers Association of India (ACMA), the apex body representing the interest of Indian Auto Component Industry organised an interactive forum with Mr Harish Lakshman, President ACMA at Ludhiana today to discuss and address the issues of the local ancillary manufacturers in the region of Ludhiana, Jalandhar and Chandigarh. Mr. Karan Avtar Singh, Principal Secretary, Department of Industries& Commerce, Government of Punjab, was the Chief Guest for the evening
Commenting on the performance of the components sector and the challenges, Harish Lakshman, President ACMA said, “The automotive industry is one of the key drivers of the Indian economy. The turnover of the auto component industry in FY 2013 was USD 39.7 billion, considering the performance of the component industry mirrors that of the vehicle industry, we expect a marginal growth for the industry for FY 2014. Going forward, we expect the growth to return to the industry sometime in the third quarter of FY 2014, once a new government stabilises, post the elections”.
The meeting organised in the backdrop of unfavourable performance of the vehicle industry in India in the last fiscal 2013-14 aimed at understanding better the challenges being faced by the local industry and how ACMA could address these through various interventions and programs including those of the government at the Centre and the State. The vehicle performance in the country continues to be under prolonged pressure due to high interest rates coupled with inflation, uncertainty in the environment due to volatility in the currency, cost of raw materials and prices of crude oil, lack of direction in fuel policy and shaky customer confidence