Financial Daily from THE HINDU group of publications
Saturday, Jan 17, 2004
Financial Daily from THE HINDU group of publications Saturday, Jan 17, 2004 |
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Outsourcing Industry & Economy - Automobiles Auto sector urged to tap outsourcing market Our Bureau
New Delhi , Jan. 16 THE Deputy Prime Minister, Mr L.K. Advani, on Thursday asked the automobile industry to play a far more effective role to boost the growth of the Indian economy. "If the Government and the private sector synergise more, the feel good factor can be turned to a feel great factor," Mr Advani said after inaugurating the seventh edition of the Auto Expo, 2004. Mr Advani said with India becoming a global hub for engineering and R&D, more original equipment manufacturers will outsource components from the country. "The Indian automotive industry needs to increase its attention and expenditure on research," Mr Advani said. He said the global rush towards lower costs component outsourcing provides a window of opportunity for Indian companies. Mr Advani said India was committed to participate in free trade arrangements with several countries and regions. South Asian free trade agreement, the India-Asean free trade agreement and the India-Thailand FTA gives the Indian automotive industry to turn into global players. The Society for Indian Automobile Manufacturers (SIAM) President, Mr Jagdish Khattar, said though the Government had extended excise and customs duty concessions, it was largely nullified because of heavy taxation by State Governments. Mr Khattar said the automobile industry should take up the challenge of increasing penetration levels. He said during the current fiscal, the industry was expected to sell around 7 lakh cars compared with 18 lakh by China. The CII Vice-President, Mr S.K. Munjal, said the Government should provide an enabling environment for the auto industry to thrive in the competitive environment.
More Stories on : Outsourcing | Automobiles
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