Over ten lakh people may be laid-off if the auto industry continues to slide, said Ram Venkataramani, President, ACMA while talking about the performance of the auto component industry in FY 2018-19. Currently, the sector employs five million people and contributes 2.3 per cent to country's GDP.
He further added, "The automotive industry is facing an unprecedented slowdown. The vehicle sales in all segments have continued to plummet for the last several months. Considering the auto component industry grows on the back of the vehicle industry, a current 15 to 20 per cent cut in vehicle production has led to a crisis like situation in the auto component sector."
