INSUBCONTINENT EXCLUSIVE:
sales continues, the president of the country's largest industry group for auto parts makers said.India's auto industry is in the middle
of one of its worst slumps
Passenger vehicle sales fell 18.4 per cent in the first quarter, and monthly passenger vehicle sales in June fell by the biggest margin in
18 years.The slump has prompted automakers to cut production and automakers and parts makers to cut jobs.The drop in production "has led to
a crisis like situation in the auto component sector," Ram Venkataramani, president of the Automotive Component Manufacturers Association of
India (ACMA), said in a statement late on Wednesday
"If the trend continues, an estimated 1 million people could be laid-off."The slump in the auto sector, which accounts for nearly half of
India's manufacturing output, has been a major factor behind the slide in economic growth to a five-year low earlier this year.Mr
Venkataramani said investments in the auto sector have been frozen due to a lack of government clarity on its electric vehicles (EVs) policy
He said a government plan to speed up the rollout of EVs would raise import bill and damage prospects for auto components manufacturers.Mr
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