The auto component industry's turnover witnessed its worst-ever decline in the first half of the current fiscal leading to a job loss of around 1 lakh temporary workers till July this year, industry body Automotive Component Manufacturers Association said on Friday.
The auto component industry turnover dropped to 1.79 lakh crore in the April-September period, down 10.1 percent from Rs 1.99 lakh crore in the year-ago period.
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The industry body said the slowdown has also resulted in an investment loss of up to $2 billion during the period.
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"The automotive industry is facing a prolonged slowdown. The vehicles sales in all segments have continued to plummet for the last one year," ACMA President Deepak Jain told reporters.
Considering the auto components industry grows on the back of vehicle industry, a current 15-20 percent cut in vehicle production has adversely impacted the auto component segment, he added.
On job losses, Jain said retrenchment has taken place from October last year till July 2019. "Primarily, it is the temporary employees who have lost jobs during the period," Jain said.
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