The auto component industry should focus on enhancing localisation, improving manufacturing quality and keep investing in emerging technologies for a sustainable growth, Maruti Suzuki Executive Chairman Kenichi Ayukawa said on Wednesday.
Speaking at the 62nd session annual session of ACMA here, Ayukawa, who is also the president of auto industry body SIAM, noted that localisation is necessary to ensure growth of the auto component industry.
“We have to go much deeper and find ways to localise smallest of the components, including raw material, wherever possible,” he said.
The industry should also focus on improving and sustaining higher levels of quality, he said.
“Indian auto industry has gained a large scale, both in the domestic market and exports. At this big scale, quality holds a very high significance. Any small mistake can be harmful not only for the industry but for the brand ‘Make in India’,” he noted.
Investing in new futuristic technologies is another area which the auto component industry should consider, Ayukawa said.
“Prime Minister has committed a target of net zero carbon emission by 2070 and 45 per cent reduction by 2030. In our journey of de-carbonisation to achieve these targets, industry should put efforts and invest in all feasible futuristic technologies,” he said.
Ayukawa also asked the industry to keep investing in the core businesses.
“I always tell my supplier partners at Maruti Suzuki, that re-investing in the core business is very important. It not only strengthens your financials but also improves your ability to deal with challenges,” he stated.
Ayukawa said SIAM and ACMA should collaborate and put significant efforts to bring back and sustain the growth of the industry.
ACMA President Sunjay Kapur, at the event, said that while passenger and commercial vehicle sales have returned to the pre-pandemic levels, two-wheeler sales are expected to rebound in the festive season.
The Automotive Component Manufacturers Association of India (ACMA) represents over 850 manufacturers contributes more than 90 per cent of the auto component industry’s turnover in the organised sector. PTI MSS SHW
To stay updated with the Latest Stock Market news, download our app here!
For editorial purposes, contact email@example.com
Start Your Financial Learning Journey
Want to learn Stock Market and other Financial Products? Make sure to check out, FinGrad, the learning initiative by Trade Brains. Click here to Register today to Start your 3-Day FREE Trail. And do not miss out on the Introductory Offer!!