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Auto sector incurred Rs 2,300-crore loss per day: Report

Auto sector incurred Rs 2,300-crore loss per day: Report
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Auto sector incurred Rs 2,300-crore loss per day: Report

Highlights

In the wake of the Covid-19 pandemic and the subsequent lockdowns, the automotive industry suffered Rs 2,300 loss crore per day and an estimated job loss in the sector was about 3.45 lakh, according to a Parliamentary panel report submitted to Rajya Sabha Chairman M Venkaiah Naidu on Tuesday

New Delhi: In the wake of the Covid-19 pandemic and the subsequent lockdowns, the automotive industry suffered Rs 2,300 loss crore per day and an estimated job loss in the sector was about 3.45 lakh, according to a Parliamentary panel report submitted to Rajya Sabha Chairman M Venkaiah Naidu on Tuesday.

The Parliamentary Standing Committee On Commerce, chaired by Telangana Rashtra Samithi (TRS) MP Keshav Rao, has also suggested a slew of measures for attracting investment in the automotive sector in the country, including overhauling of the prevalent land and labour laws.

"The committee was informed by the auto industry associations that all the major original equipment manufacturers (OEM) have cut down their production by 18-20 per cent due to low demand and decline in sales of vehicles," the panel said in its report.

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