The 61st ACMA Annual Conclave held a day after the SIAM annual conclave took forward the key points of interest and concern from the previous day. These were used to build upon and incorporate inputs of the components industry. Citing Prime Minister Narendra Modi’s acknowledgement of the industry as a whole contributing to the Indian economy, the industry expressed gratitude for the recent government interventions and for its praises. The industry, it is well known, came forward to lend a helping hand to the government in the course of the pandemic through several out of the box initiatives. The pandemic also laid the foundation for accelerated changes in technology and services as a solution.
The recent government interventions like the scrappage policy and Production Linked Incentive (PLI) scheme for the auto and the auto components industry have played the role of a catalyst. It has helped the industry reassess strategy across phases of survival, revival and growth. Sunjay Kapur, President, Auto Component Manufacturer Association (ACMA) mentioned “As it’s said, in a time of crisis, the medal of brave is tested and true character is revealed. I am extremely proud of our industry and the way we have supported each other to overcome the challenges”.
The Indian automotive manufacturers and component producers helped each other and the government authorities in not just fighting the pandemic but in also helping revive the business.
Kavan Mukhtiyar, Partner and Leader of Automotive at PwC India caught everyone’s attention when he addressed the headwinds for the automotive industry. He touched upon uncertain economic growth, climate change, and the ability to manage volatility as the biggest differentiating factor. Mukhtiyar cited the best practices for the industry to follow in order to ensure a sustainable approach in these volatile times.
On ‘SAFENET’, a new term coined for navigating volatility, he stated the below:
1. S-Strong - be ready with inventory and supplies, and strong enough to bear shocks
2. A- Agile - quickly respond to any situation promptly
3. F-Flexible - scale up or down products flexibly
4. N-Networked having a widespread of touchpoints
5. E- Enthusiastic - be passionate and resourceful enough even with limited resources
6. T-Technologically enabled - invest more in IT and operating technology
Manufacturers offered significant financial aid to designated funds, deployed vehicles for Covid care, contributed to frontline initiatives among other significant initiatives. At the same time, the industry did not falter in staging a revival based on its initiatives of sustenance. SS Kim, CEO at Hyundai Motor India Ltd., said “Localised supply chains became evident as a means to hedge the risk of global disruptions. India needs to strongly focus on creating a robust vendor ecosystem, which will go a long way in making India a global manufacturing hub with government support.”
Vocal for localisation
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