Auto component industry turnover dips 10 pc in Apr-Sep; 1 lakh temp workers lose jobs
5 years, 1 month ago

Auto component industry turnover dips 10 pc in Apr-Sep; 1 lakh temp workers lose jobs

India TV News  

The auto component industry's turnover witnessed worst ever decline in the first half of the current fiscal leading to a job loss of around 1 lakh temporary workers till July this year, industry body ACMA said on Friday. The turnover of the industry dropped to Rs 1.79 lakh crore in the April-September period, down 10.1 per cent from Rs 1.99 lakh crore in the year-ago period, Automotive Component Manufacturers Association said. Considering that auto components industry grows on the back of vehicle industry, a current 15-20 per cent cut in vehicle production has adversely impacted the component segment, he added. The last time when the auto components industry witnessed a decline in turnover was in 2013-14 when it dipped by 2 per cent, ACMA said. "Considering MSMEs constitute over 70 per cent of the auto component industry, change in definition will enable a wider section of the industry avail of government incentives," Jain said.

Auto Crore Billion Cent Jain Msme Usd Turnover 18 Per Cent Acma Components Industry Lakh Temp  acma  rs  jobs  lakh  temp  lose  turnover  components  industry  usd  billion  workers  pc  cent  auto  crore  component  dips

History of this topic

Auto component industry to invest $7 billion over next 5 years: ACMA
1 year ago

Auto component industry to invest $7 billion over next 5 years: ACMA

Deccan Chronicle  

Pune: With robust demand in place in the automobile sector, the Indian auto component industry is planning to invest around $ 6.5 to 7 billion over the next five years on capacity expansion and technology upgradation, Shradha Suri Marwah, President of Automotive Component Manufacturers Association of India or ACMA said on Wednesday. The auto component industry, which recorded a 12.6 …

Indian auto component industry clocks turnover of Rs 3.49 lakh crore, de-grows 11.7 per cent in FY 2019-20
4 years, 4 months ago

Indian auto component industry clocks turnover of Rs 3.49 lakh crore, de-grows 11.7 per cent in FY 2019-20

India Today  

Automotive Component Manufacturers Association of India, the apex body representing India’s Auto Component manufacturing industry announced the findings of its Industry Performance Review for the fiscal year 2019-20. The turnover of the automotive component industry stood at Rs 3.49 lakh crore for the period April 2019 to March 2020, registering de-growth of 11.7 per cent over the previous year. The …

Auto sector slowdown: Component maker Bosch likely to slash a few thousand jobs in India in next four years
5 years ago

Auto sector slowdown: Component maker Bosch likely to slash a few thousand jobs in India in next four years

Firstpost  

Bosch may retrench about 10% of its 3,700-strong workforce in the administrative and management segments while it could be more than 10% of the 6,300 workers in the manufacturing level. After giving a hint of manpower adjustments in the wake of a major decline in its first quarter profit last year due to slowdown in the auto industry, German auto …

Auto part units shed 1 lakh casual jobs
5 years, 1 month ago

Auto part units shed 1 lakh casual jobs

The Hindu  

About one lakh temporary workers in the auto components sector lost their jobs between October 2018 and July 2019 due to the slump in the auto industry, the Auto Components Manufacturers Association said. Auto component sales in the first half of the year declined by 10% to ₹1.79 lakh crore, while exports and the aftermarket segment grew, the industry body …

Slump in auto aftermarket, exports to bring more stress for component makers, says report
5 years, 3 months ago

Slump in auto aftermarket, exports to bring more stress for component makers, says report

Live Mint  

Mumbai: Credit rating agency Icra has revised its outlook for the auto components industry to negative following more than three quarters of continuous decline in the wholesale dispatches across all vehicle categories. “Tight liquidity across the aftermarket dealer channel has led to de-stocking, curtailing fresh demand for the component manufacturers,” Icra said in a statement. The ratings agency also points …

Auto component makers seek uniform 18% GST
5 years, 4 months ago

Auto component makers seek uniform 18% GST

Live Mint  

Auto components industry on Friday sought uniform 18 % GST in order to help companies with their working capital borrowings which could be used to invest in long-term assets. "While the captains of our domestic original equipment manufacturers are ably representing the interventions that would be required to stimulate demand, we in the component sector seek assistance by way of …

Job cuts: Slump in auto sector sales forces firms to shut down factories; around 3.50 lakh workers laid off
5 years, 5 months ago

Job cuts: Slump in auto sector sales forces firms to shut down factories; around 3.50 lakh workers laid off

Firstpost  

The auto sector, which contributes more than 7 percent of India’s GDP, is facing one of its worst downturns Slumping sales of cars and motorcycles are triggering massive job cuts in India’s auto sector, with many companies forced to shut down factories for days and axe shifts, multiple sources said. To revive the sector, auto executives plan to demand tax …

Auto industry may further cut production amid consumption slowdown
5 years, 5 months ago

Auto industry may further cut production amid consumption slowdown

New Indian Express  

NEW DELHI: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS-VI standards will further decelerate production, leading to eventual job losses. Figures from the Society of Indian Automobile Manufacturers showed that domestic passenger car sales in June went down by 24.07 per cent to 139,628 units. In all, the total sales of the …

Auto industry may further cut production
5 years, 5 months ago

Auto industry may further cut production

Live Mint  

New Delhi: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS VI standards will further decelerate production, leading to eventual job losses. "With prolonged weak consumer demand, the inventories at dealer levels have peaked, necessitating production cuts by OEMs," Richa Bulani, Senior Analyst, India Ratings & Research, told IANS. In all, the total …

Slowdown in auto industry impacts component sector too; 15% job loss after turnover growth dips
5 years, 5 months ago

Slowdown in auto industry impacts component sector too; 15% job loss after turnover growth dips

Firstpost  

The industry body, which represents the auto components industry that alone employs around 50 lakh people, also sought clarity on policy for electrification of vehicles. Since September last year, the auto ancillary sector has registered up to 15 percent loss in jobs due to fall in revenues because of a decline in auto sales for the past ten months, said …

10 lakh people working in auto sector on risk of losing job, BJP's silence dangerous: Priyanka Gandhi
5 years, 5 months ago

10 lakh people working in auto sector on risk of losing job, BJP's silence dangerous: Priyanka Gandhi

India TV News  

Priyanka Gandhi Vadra, who is Congress Party General Secretary on Friday cited a media report to claim that jobs of 10 lakh people in the automobile sector were in danger and asserted that the BJP government's silence on job losses was "most dangerous". Priyanka Gandhi tagged the media report on Twitter which said auto parts industry is fearing that 1 …

Slowdown in auto sales: 10-15% people lost jobs in auto component industry
5 years, 5 months ago

Slowdown in auto sales: 10-15% people lost jobs in auto component industry

Live Mint  

Due to the prolonged slowdown in auto sales since September 2018, automobile component manufacturing sector has already witnessed 10-15% loss in employment, as growth in revenue for companies in the sector slow down significantly. The growth in total turnover of the automobile component manufacturing companies in India slowed down to just 14.5% to 3,95,902 crore in FY19 as a consequence …

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