Industry & Economy
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Automobile Components
Potential seen for auto parts sector
Our Bureau
New Delhi
,
Dec. 8
THE domestic auto components industry has huge potential to excel in the global market and if it continues to produce good quality products at cost effective rates, the sector will be able to stay ahead of competition, Mr Naresh Narad, Secretary, Department of Heavy Industry, has said.
"The auto sector has emerged as a sunshine industry, which has made a significant entry in the world market. Already items produced in India like axles are being used in heavy-duty trucks in the US," Mr Narad observed during a meeting with PHD Chamber of Commerce and Industry (PHDCCI) here.
About disinvestment in the heavy industries, he said a final decision in the matter would be taken after the Supreme Court's verdict.
Commending the Government's initiative and policy framework for triggering growth in industry, the President of PHDCCI, Mr Ravi Wig, pointed out that the performance of heavy industry has not been commensurate with the general trend of industrial growth. He said poor quality of roads and neglected rail network were adversely affecting the competitiveness of the industry.
Citing erratic and uneven power supply as a bane of industrial development, Mr Wig said power tariff has remained much higher than the cost of supply and this adversely affected industrial competitiveness.
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