After the end of the lockdown that has been imposed to prevent the spread of Coronavirus infection across the country, the automobile industry will have to insist on cheap products, Made in India and automation for stability in business. The report, released by the Nomura Research Institute Consulting and Solutions India, states that after the lockdown is over, the auto industry will have to take steps such as staying in the workers' plants, enhancing health facilities and safety as well as investing in digitization.
According to Nomura's research on this matter, the current crisis is also an opportunity for the country's auto parts companies to become an alternative to China by increasing their stake in the global value chain. There is a great need to increase the use of technology for this. The report also said that in view of the worldwide economic crisis, strong companies of the country can buy firms and technology of other countries. Due to this, the situation will become stronger and make in India to become an alternative to other countries.
For your information, let us tell you that a relief package has also been recommended for the auto industry because this sector contributes about 50 percent to the industrial GPD. This is also the industry that provides the most employment in direct and indirect manner. Before the Covid-19, the auto industry has been going through a recession for about one and a half years. According to the report, covid-19's havoc is clearly visible on the economies of the world and it will be seen more in the coming months.
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