Auto slump could destroy 1 mn jobs: ACMA
Reeling under pressure from the slowdown in automobile industry, the country’s auto component manufacturers have urged the government to instantly take corrective steps to increase demand for the industry. If the government does not step in on time, ACMA has warned that as many as 1 million people could lose their jobs.
“The industry needs urgent government intervention. There is an immediate need to stimulate vehicle demand and also sustain it post BS-VI implementation, as vehicles will become significantly expensive thereafter. We strongly recommend that the government implement 18% GST rate across the entire auto and auto component sector,” Mr. Venkataramani, President, Auto Component Manufacturers Association (ACMA) of India opined.