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 component major Bosch may lay off hundreds of workers in India in the next few years. In August last year, Bosch had said it initiated several measures including “manpower adjustments” to remain competitive in the market, reported PTI. As the crisis in the country’s auto sector deepened last year, automakers, parts manufacturers and dealers had laid off about 3.5 lakh workers between April and July last year. In August last year, the Federation of Automobile Dealers Associations had said that around two lakh jobs had been cut across automobile dealerships alone in the country in a span of three months from May 2019 as vehicle retailers take the last resort of cutting manpower to tide over the impact of the unprecedented sales slump, reported PTI.

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India’s manufacturing growth at 12-month low in December
Trending News
1 week, 1 day ago

India’s manufacturing growth at 12-month low in December

Live Mint  

New Delhi: India’s manufacturing growth slowed to a 12-month low in December amid a softer increase in factory orders and production, a private survey said. The HSBC India Manufacturing Purchasing Managers Index, compiled by S&P Global, was recorded at 56.4 in December, down from 56.5 in November. According to the survey, at 56.4 in December, the seasonally adjusted HSBC India …

India’s GDP growth: The first half faltered, but economy seen rebounding in the second
Trending News
1 month, 1 week ago

India’s GDP growth: The first half faltered, but economy seen rebounding in the second

Live Mint  

Two consecutive quarters of disappointing economic growth have left economists pinning their hopes on a rebound in the second half of the fiscal year. Some economists, however, expect India’s FY25 GDP growth to be lower than the Reserve Bank of India’s 7.2% outlook because of the disappointing economic growth in the first two quarters of the fiscal year. “Government will …

German auto supplier Bosch to cut 5,500 jobs in further sign of carmakers’ woes
1 month, 2 weeks ago

German auto supplier Bosch to cut 5,500 jobs in further sign of carmakers’ woes

Associated Press  

FRANKFURT, Germany — Germany’s technology and services company Bosch said Friday it planned to reduce its automotive division workforce by as many as 5,500 jobs in the next several years in another sign of the headwinds hitting the German and global auto industries. The company cited stagnating global auto sales, too much factory capacity in the auto industry compared with …

Auto industry crosses ₹20 lakh crore mark in FY-24; contributes 14-15 pc to total GST: SIAM President
4 months ago

Auto industry crosses ₹20 lakh crore mark in FY-24; contributes 14-15 pc to total GST: SIAM President

The Hindu  

The Indian automotive industry has crossed ₹20 lakh crore mark in FY24 and now contributes 14-15% of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday. "The Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore in FY24.we are contributing almost 14-15 per cent of the total GST collected in the …

Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body
8 months, 4 weeks ago

Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body

Hindustan Times  

Passenger vehicles wholesales in India have touched a record high of 42,18,746 units in the financial year 2023-24, registering a year-on-year growth of 8.4 per cent, industry body Society of Indian Automobile Manufacturers said. The vehicle sales across the categories surged by 12.5 per cent to 2,38,53,463 units in the period under review On the other hand, the overall passenger …

Industrial output growth slows to 3.8% in January
9 months, 4 weeks ago

Industrial output growth slows to 3.8% in January

The Hindu  

India’s industrial output growth slowed to 3.8% in January, from an upgraded uptick of 4.24% in December, with the manufacturing sector’s growth slowing to 3.2% from 4.5% a month ago and consumer non-durables slipping into contraction for the second time in three months. Consumer durables production jumped 10.9%, the highest growth in three months, but gained from base effects as …

Indian Automotive Component Industry Set to Reach $14 Billion by 2028
11 months, 1 week ago

Indian Automotive Component Industry Set to Reach $14 Billion by 2028

Deccan Chronicle  

Pune: The Indian automotive component industry is expected to touch $14 billion or Rs 116,634 crore by 2028, and the aftermarket segment has a $35 billion or Rs 291,585 crore opportunity, the Automotive Component Manufacturers Association of India or ACMA said on Monday. "The Indian domestic aftermarket, valued at USD 10 billion in 2023, is poised to surge almost 1.4 …

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 …

Industrial production witnesses growth of 3.7 per cent in June 2023: NSO data
1 year, 4 months ago

Industrial production witnesses growth of 3.7 per cent in June 2023: NSO data

India TV News  

A recent data released by the National Statistical Office revealed that India’s industrial production rose by 3.7 per cent in June. According to the official data, the factory output measured in terms of the Index of Industrial Production grew by 12.6 per cent in June 2022. The data released by the NSO also showed that the manufacturing sector’s output increased …

Indian auto industry grows to ₹8.7 lakh crore in FY23: Report
1 year, 6 months ago

Indian auto industry grows to ₹8.7 lakh crore in FY23: Report

The Hindu  

The Indian automobile sector has grown into a ₹8.7 lakh-crore industry by producing 2.7 crore vehicles in FY23, management consulting firm Primus Partners said in a report. Primus Partners said the PV segment grew to ₹5 lakh crore in FY23 and half of the revenue came from mid and full size SUVs. “As per our study, the Indian market is …

India’s industrial production rises by 5.2 in january 2022
1 year, 9 months ago

India’s industrial production rises by 5.2 in january 2022

The Hindu  

India’s industrial output grew 5.2% in January, slightly faster than the 4.7% rise in December 2022, bolstered by a double-digit surge in electricity generation for the third successive month, even as manufacturing output growth stayed tepid at 3.7%. While both segments’ uptick was buoyed by low sub-2% growth rates a year ago, infrastructure and construction goods’ output grew 8.1% this …

Big automakers halt production in pauper Pakistan as India surges past Japan as 3rd largest auto market
1 year, 11 months ago

Big automakers halt production in pauper Pakistan as India surges past Japan as 3rd largest auto market

Firstpost  

New Delhi/Islamabad: Days after India surpassed Japan to become the third largest auto market, neighbouring Pakistan recorded a steep decline in auto sales with manufacturers forced to shut down production owing to reduced demand and ‘cash flow constraints’. On the other hand, Pakistan’s biggest agricultural machinery manufacturer, Millat Tractors Limited has announced that its production will remain closed until further …

Indian manufacturing sector and the great transformation under Narendra Modi
2 years ago

Indian manufacturing sector and the great transformation under Narendra Modi

Firstpost  

With the vision of transforming India into a manufacturing hub, our government under the leadership of Prime Minister Narendra Modi took concrete steps towards improving various business parameters In 2014, when Prime Minister Narendra Modi took the reins of our nation, India had been tagged as one of the so-called “Fragile Five” nations alongside Indonesia, Brazil, Turkey, and South Africa, …

What is Indian auto industry's India@100 vision? Automobile body chief replies
2 years, 3 months ago

What is Indian auto industry's India@100 vision? Automobile body chief replies

Hindustan Times  

The Society of Indian Automobile Manufacturers has said that India's automobile industry aims to be among the top two global producers in every segment of vehicles over the next 25 years. The domestic automobile industry has been going through a long-term, deep structural slowdown even before the Covid pandemic surfaced, Kenichi Ayukawa "Industry has prepared a vision statement for India …

Behind the surprising trade surplus in auto components sector
2 years, 4 months ago

Behind the surprising trade surplus in auto components sector

Live Mint  

India’s auto components sector has always imported more than it exported, leading to a trade deficit. The auto ancillaries industry in India mainly supplies to original equipment manufacturers in the automotive industry and their tier-I suppliers in large external markets. “The China +1 policy may not have resulted in an outpour of investments into India, but we have seen benefits …

Manufacturing in India Sees 210% Jump in FY22; Private Investment Picks Up: Goldman Sachs
2 years, 8 months ago

Manufacturing in India Sees 210% Jump in FY22; Private Investment Picks Up: Goldman Sachs

News 18  

New investments and ordering activities have seen a sharp pick-up in the financial year 2021-22, and the manufacturing sector, which has lagged for multiple years, saw a jump of 210 per cent, compared with the previous financial year 2020-21. The sector witnessed a 460 per cent jump in 2021-22 as against 2019-20, according to a report by Goldman Sachs. “Contract …

Auto component industry likely to clock 8-10% growth in FY23: report
2 years, 9 months ago

Auto component industry likely to clock 8-10% growth in FY23: report

The Hindu  

The Indian auto component industry is expected to clock 8-10% growth in FY23, supported by the easing of supply-chain issues and commodity inflation in the second half of the year, according to rating agency Icra. Domestic OEM demand has remained a mixed bag across segments in FY2022, with a slowdown in two-wheelers and semiconductor shortage dragging down overall production volumes," …

Industrial output grows 1.3% in January
2 years, 9 months ago

Industrial output grows 1.3% in January

The Hindu  

India’s industrial output grew 1.3% in January 2022, recovering marginally from a revised growth rate of 0.7% for December 2021, but was still only 0.7% above pre-pandemic levels, as per data from the National Statistical Office. While consumer non-durables output grew 2.1% year-on-year in January, the fastest pace since August 2021, it marked a significant 5% decline from December 2021 …

Major Automakers in India Report Decline in Sales in Jan Due to Semiconductor Shortage
2 years, 11 months ago

Major Automakers in India Report Decline in Sales in Jan Due to Semiconductor Shortage

News 18  

Top passenger vehicle makers, Maruti Suzuki, Hyundai, Mahindra & Mahindra, Toyota Kirloskar Motor and Honda, on Tuesday reported decline in vehicle dispatches from factories to dealers in January amid shortage of semiconductors continuing to hamper production. Maruti Suzuki India’s domestic sales slipped by 8 per cent to 1,36,442 units last month as against 1,48,307 units in January 2021. Similarly, Hyundai …

Indian Automotive Industry Hopes for Smoother Sailing in New Year After a Bumpy 2021
3 years ago

Indian Automotive Industry Hopes for Smoother Sailing in New Year After a Bumpy 2021

News 18  

The Indian automotive industry is driving into 2022 with a positive mindset in its quest to reach the pre-pandemic levels of sales volume, having built a solid foundation in 2021 amid semiconductor shortage hampering production. Sharing the optimism, Tata Motors President, Passenger Vehicle Business Unit, Shailesh Chandra said, "Looking ahead, we expect the demand for passenger ICE and electric vehicles …

Passenger vehicle sales slip by 19% in November due to chip shortage: Auto industry body
3 years, 1 month ago

Passenger vehicle sales slip by 19% in November due to chip shortage: Auto industry body

Live Mint  

Wholesale of passenger vehicle in India has declined by 19% in November due the shortage semiconductor, which continued to impact vehicle production and subsequent deliveries to dealer partners. The passenger vehicle dispatched last month stood at 2,15,626 units, down 19% from 2,64,898 units in November 2020. Total automobile sales across categories drooped to 12,88,759 units last month compared to 18,89,348 …

Passenger vehicle wholesales drop 41% in Sept as chip shortage impacts production
3 years, 2 months ago

Passenger vehicle wholesales drop 41% in Sept as chip shortage impacts production

Firstpost  

As per the latest data by Society of Indian Automobile Manufacturers, two-wheeler dispatches to dealers also witnessed a dip of 17 percent at 15,28,472 units, compared to 18,49,546 in September 2020. Passenger vehicle wholesales in India witnessed a decline of 41 percent year-on-year in September as automobile manufacturers struggled to produce adequate units owing to semiconductor shortage, auto industry body …

Inside Bosch’s ₹ 20,000 crore bid to de-risk from the auto sector
3 years, 9 months ago

Inside Bosch’s ₹ 20,000 crore bid to de-risk from the auto sector

Live Mint  

In Tamil Nadu’s Sriperumbudur, the poster at a plant’s lobby announces what you may expect inside: “Nothing leaves our factory until it is 100%. Huge machines do the heavy lifting at this front-loading automatic washing machine factory run by BSH Household Appliances, a Bosch Group company. Here’s an indication of Bosch’s reliance on automotive, or what it calls the “mobility" …

Government Working to Make India an Automobile Manufacturing Hub in the Next 5 Years: Nitin Gadkari
4 years, 1 month ago

Government Working to Make India an Automobile Manufacturing Hub in the Next 5 Years: Nitin Gadkari

News 18  

Road Transport and Highways minister Nitin Gadkari said on Monday that the centre is working to make India an automobile manufacturing hub in the coming 5 years. “Government is also working towards making India a global automobile manufacturing hub in the next five years. This, he felt, is possible as India’s auto industry has made significant strides in terms of …

Auto Sector Hiring in India Continues to Improve, Sees 29% Sequential Growth in Sept: Report
4 years, 2 months ago

Auto Sector Hiring in India Continues to Improve, Sees 29% Sequential Growth in Sept: Report

News 18  

Hiring in India's auto sector continued to improve with a 29 per cent sequential growth in September this year although it remains below the pre-COVID-19 period, according to leading online job site Naukri.com. "When we compare the performance of this sector between the pre and post-COVID-19 period, there has been an evident recovery, but it still remains down by 25 …

Carmakers in India Report Highest Ever Sales in October 2020; Is the Worst Over for Auto Companies?
4 years, 2 months ago

Carmakers in India Report Highest Ever Sales in October 2020; Is the Worst Over for Auto Companies?

News 18  

Most of the carmakers in India have reported their highest ever sales in the month of October 2020, while other have shown positive growth. Amongst the major players, Maruti Suzuki’s total sales rose 18.9 per cent to 1,82,448 units from 1,53,435 units sold in October 2019. It reported a 13.2 per cent growth in its domestic sales compared to 50,010 …

Manufacturing, Construction and Hospitality Sectors Leading India to its Worst Recession Ever?
4 years, 4 months ago

Manufacturing, Construction and Hospitality Sectors Leading India to its Worst Recession Ever?

News 18  

According to data released by National Statistical Office on Monday, all key sectors except agriculture witnessed contractions. The Gross Domestic Product data for the first quarter of the ongoing financial year said that the country witnessed its worst contraction ever. So far, the UK economy had seen the biggest slump in June quarter GDP among the top 20 economies of …

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 …

India to become auto manufacturing hub in next 5 years: Gadkari
4 years, 7 months ago

India to become auto manufacturing hub in next 5 years: Gadkari

India TV News  

Union Transport Minister Nitin Gadkari told India TV, in an exclusive conversation, that India is taking steps in the direction of becoming the hub in auto manufacturing in the next 5 years. Speaking on India TV's #TeamModiOnIndiaTv platform Gadkari said that it will be a part of the 'Atmanirbhar Bharat' and India would cut its dependency on China for products …

Bosch Q4 net profit down 80% at Rs 81 cr; says results in line with downward trend in automotive industry
4 years, 7 months ago

Bosch Q4 net profit down 80% at Rs 81 cr; says results in line with downward trend in automotive industry

Firstpost  

During the quarter, Bosch made an incremental provision of Rs 297 crore as part of an overall provision of Rs 717 crore towards various restructuring, reskilling and redeployment initiatives for 2019-20. New Delhi: Auto components major Bosch Ltd on Friday reported a 80.29 percent decline in consolidated net profit at Rs 81.14 crore in the fourth quarter ended 31 March …

Coronavirus Lockdown: Auto component industry likely to witness double-digit degrowth in FY21, says India Ratings
4 years, 7 months ago

Coronavirus Lockdown: Auto component industry likely to witness double-digit degrowth in FY21, says India Ratings

Firstpost  

The Auto component industry is likely to witness a second consecutive year of double-digit degrowth this fiscal mainly on account of disruption in operations due to coronavirus pandemic and the subsequent lockdown, according to a report Mumbai: The Auto component industry is likely to witness a second consecutive year of double-digit degrowth this fiscal mainly on account of disruption in …

Industrial production falls record 16.7% in March on poor show by mining, manufacturing, electricity
4 years, 7 months ago

Industrial production falls record 16.7% in March on poor show by mining, manufacturing, electricity

Firstpost  

India’s industrial production contracted by a record 16.7 percent in March, on account of the poor show by mining, manufacturing and electricity sectors mainly due to the nationwide lockdown, government data showed on Tuesday New Delhi: India’s industrial production contracted by a record 16.7 percent in March, on account of the poor show by mining, manufacturing and electricity sectors mainly …

Automakers warn of up to 45% sales drop as economy slumps due to pandemic; seek govt help in crisis
4 years, 7 months ago

Automakers warn of up to 45% sales drop as economy slumps due to pandemic; seek govt help in crisis

Firstpost  

The auto industry is already reeling, with sales of cars, SUVs, trucks and motorbikes falling 18 percent last fiscal year to 21.5 million vehicles due to an economic slowdown. New Delhi: Automakers have warned that total automobile sales could fall as much as 45 percent in the current fiscal year in a worst-case scenario as economic growth slumps due to …

From slowdown to lockdown: India’s car sales plunge
4 years, 9 months ago

From slowdown to lockdown: India’s car sales plunge

Live Mint  

Automakers in India saw a steep fall in sales in March as a slowdown in demand was exacerbated by shutdowns in production due to the coronavirus pandemic. The government last week sent India into a 21-day lockdown to try to curb the spread of the virus, forcing automakers such as Maruti Suzuki, Mahindra & Mahindra, Ford Motor Co, Toyota Motor …

Misses in manufacturing
4 years, 10 months ago

Misses in manufacturing

The Hindu  

ONE of the highlights of the latest Economic Survey is its optimism that India will be able to create 40 million well-paid jobs in manufacturing by 2025. According to the recent Periodic Labour Force Survey, manufacturing employment in India in 2017-18 was only 60.2 million, which was 12.8 per cent of the country’s total workforce in that year. According to …

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 …

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 …

India's largest carmaker cuts production for 8th straight month
5 years, 2 months ago

India's largest carmaker cuts production for 8th straight month

India TV News  

Lack of demand for passenger vehicles in the country has forced India's largest manufacturer, Maruti Suzuki to cut its production for the 8th consecutive month. The company's total vehicle production last month stood at 1,19,337 units against 1,50,497 in October last year. The production of passenger vehicles was down 117,383 units from 148,318 in October last year, while Van produced …

Indian automobile crisis: Domestic sales decline 22.41 per cent in September 2019
5 years, 2 months ago

Indian automobile crisis: Domestic sales decline 22.41 per cent in September 2019

India Today  

The Indian automobile crisis is showing no signs of subsiding with the overall domestic sales plunging 22.41 per cent to 20,04,932 units in September 2019, the latest data from SIAM has shown. During September 2019, the passenger vehicle sales declined 23.69 per cent to 2,23,317 units, while the commercial vehicle sales plunged 39.06 per cent to 58,419 units. While the …

Auto sector crisis deepens: Maruti Suzuki cuts production for 8th straight month in September by over 17%
5 years, 3 months ago

Auto sector crisis deepens: Maruti Suzuki cuts production for 8th straight month in September by over 17%

Firstpost  

Maruti Suzuki India produced a total of 1,32,199 units in September as against 1,60,219 units in the year-ago month After the country’s largest carmaker Maruti Suzuki India reduced its production production by 33.99 percent in August, making it the seventh straight month it reduced its output, it has again reduced its production in September by 17.48 percent, making it the …

Auto sector to gain from tax cut, says ICRA
5 years, 3 months ago

Auto sector to gain from tax cut, says ICRA

Live Mint  

Automakers and parts suppliers will benefit from the government’s step to cut corporate tax rates, rating firm ICRA Ltd said on Monday. Pavethra Ponniah, vice-president and sector head, ICRA, said the ongoing weak demand conditions may prompt original equipment manufacturers to pass on some benefits of tax revision to the end consumer with lower product prices. In a bid to …

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 …

Economic slowdown: Manufacturing growth sluggish at 7%, share in GDP stagnant at 16%; urgent need of more than just a policy overhaul
5 years, 3 months ago

Economic slowdown: Manufacturing growth sluggish at 7%, share in GDP stagnant at 16%; urgent need of more than just a policy overhaul

Firstpost  

With the RBI softening its policy rates for the fourth consecutive time in 2019, and Banks expected to pass on these rate reductions, there is hope for uptick in credit flow to key manufacturing industrie Indian economy has been the fastest growing economy, as per major multilateral institutions. Though manufacturing forms an integral part of the industrial sector, its sectoral …

Jobs-intensive sectors slump
5 years, 3 months ago

Jobs-intensive sectors slump

Deccan Chronicle  

Hyderabad: The industrial production in India has reportedly grown by 4.3 per cent in July 2019, according to government data released Thursday. Though the industrial production has slowed considerably compared to 6.5 per cent growth in July 2018, the headline growth number has remained positive. According to the numbers released by the ministry of statistics and programme implementation, the textiles …

Indian automobile crisis: Domestic sales decline 23.55 per cent in August 2019
5 years, 4 months ago

Indian automobile crisis: Domestic sales decline 23.55 per cent in August 2019

India Today  

The crisis in the Indian automobile sector is deepening with every passing month with the overall domestic sales falling a record 23.55 per cent to 18,21,490 units in August 2019, the latest SIAM data showed. During August 2019, the passenger vehicle sales declined 31.57 per cent to 1,96,524 units, while the commercial vehicle sales plunged 38.71 per cent to 51,897 …

Wheels of misfortune: On crisis in automobile industry
5 years, 4 months ago

Wheels of misfortune: On crisis in automobile industry

The Hindu  

July was a difficult month for 28-year-old Rohit Rana. Speaking on condition of anonymity, a senior official at Maruti Suzuki’s Gurugram plant says the production of cars has reduced to almost half since July — from 60,000 to 30,000 vehicles per month. When the Maruti Suzuki management accepts that it has not renewed the contract of 3,000 temporary workers, the …

Auto sector problem 'minor', will be resolved soon: Arjun Ram Meghwal
5 years, 4 months ago

Auto sector problem 'minor', will be resolved soon: Arjun Ram Meghwal

India TV News  

If Prime Minister Narendra Modi's government can extend Parliament session to abrogate Article 370, solving the problem of the auto industry which is facing a slowdown is a "minor" thing, Union minister Arjun Ram Meghwal said on Friday. Addressing the annual convention of the Automotive Component Manufacturers Association of India, the minister of state for heavy industries and public enterprises …

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 …

Maruti asks auto component industry to produce electronics, key parts in India to cut imports
5 years, 4 months ago

Maruti asks auto component industry to produce electronics, key parts in India to cut imports

India TV News  

The country's largest carmaker Maruti Suzuki India on Friday asked the components makers to start manufacturing vehicle electronics and certain key parts in India in order to cut imports of such articles. The local manufacturing of such parts would not only help Maruti Suzuki India but also support the government's Make in India initiative, MSI MD and CEO Kenichi Ayukawa …

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