The industry group representing the auto parts industry (with a population of only 5,000) million) is also seeking clarity on vehicle electrification policy.

(Representational image) Related Auto safety component maker Joyce has merged two joint ventures in India, seeking a stable roadmap for electric vehicle transition. New Delhi:The Automotive Component Manufacturers Association of India (ACMA) on Wednesday sought excise duty rates. To stimulate demand and salvage about 100 percent, the entire automobile industry has reduced production by 18 percent. 10,000 jobs. Companies are at risk due to prolonged low auto sales.

Industry groups representing the auto parts industry (which employs only about 5,000) 10,000 people) are also seeking clarity on policies to electrify cars.

ACMA President Ram Venkataramani “The automotive industry has faced an unprecedented downturn in the last few months.”

He said that considering the growth of the auto component industry, the automobile industry is now facing a crisis due to a 15-20% decline in automobile production.” If this trend continues, the automotive industry will be in crisis in 2019 and 2012. ” This is speculated to be the case, ” he said. “One million people could be laid off.” Venkataramani He said layoffs have already begun in some regions.

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Under the GST regime, about 70% of automotive parts fall under the ambit of 18% GST.

However, around 30% or so remain in the 28% bracket. Currently, automobiles are also subject to up to 28%. GST is levied at 1-15% depending on the length, engine size and type.

Weak demand, recent transition investments Venkataramanini said that the lack of clarity in the policy on emission standards (EV) for electric vehicles from BS Start IV to BS VI has led the industry to be uncertain about the future and stopped all investments for the future.

“This industry needs urgent intervention from the government …… We strongly recommend the government to impose an 18% tax GST on the entire automobile and auto parts industry,” he added.

Speaking on the need for a stable EV policy, Venkataramani Further changes in EV targets will increase the cost of imports in the country and hurt the current component manufacturing ecosystem.

He added: “This will also lead to massive job losses, so we need a stable, technology-agnostic EV policy now to ensure a stable transition and a diversified local supply base.”