The slowdown in the country's automobile sector has been impacting the auto component industry and its related employment. In the first half of the current fiscal ie April-September period, the business of auto components industry declined by 10.1 per cent and fell from Rs 1.99 lakh crore to Rs 1.79 lakh crore. This is the reason why, since July this year, one lakh temporary jobs have been associated with this industry.
Currently, the vehicle equipment industry has been badly affected by a 15–20 per cent reduction in vehicle production. The layoffs have continued since October last year. During this period, the highest number of temporary employees were employed. The vehicle sector has been in a prolonged downturn. This has resulted in a loss of two billion dollars in terms of investment during this period. Sales of all categories of vehicles have been declining continuously for the last one year and this has also affected employment. Development of the component industry is dependent on the automobile industry.
In the current situation, a 15-20 per cent reduction in vehicle production has created a crisis situation in front of the component industry. If similar circumstances prevail, then about one million people can be unemployed. Sorting has also started at some places. Earlier in July, Acma had requested the government to raise the GST rate for the vehicle industry to a uniform 18 per cent in July to help the auto industry going through recession and save 10 lakh jobs. . He auto industry provides employment to about 5 million people. Ecma said that the automobile industry is going through an unprecedented slowdown and the auto component industry is completely dependent on the auto industry.
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