Auto Components Sector Seeks Regulatory Amendments
The auto component industry is seeking a “breather” in terms of introduction of new regulations and a long-term roadmap for rolling out new norms for the sector in order to prepare accordingly for the transition which entails heavy investments, industry body ACMA has said.
The industry, which accounts for around 2.3 per cent of the country’s GDP, has been struggling of late due to a prolonged downturn in the auto industry as a whole and due to COVID-19 situation which has brought in supply chain issues and impacted productivity.
In an interview with PTI, Automotive Component Manufacturers Association of India (ACMA) President Deepak Jain said that challenging business environment has limited the capacity of the industry to invest further for any new regulations.
“During the shift from BS-IV to BS-VI the auto industry invested close to Rs 80,000 crore, 40-50 per cent of which was by the auto component industry. Going forward such regulations will keep on coming so we have asked for a breather as an industry to recalibrate what are the most requisite regulations,” Jain said.