The Automotive Component Manufacturers Association of India (ACMA) hosted its 60th Annual Convention under the theme ‘Auto Components Industry- Shaping the New Normal’, on September 5.
Held amid the coronavirus pandemic, the session centered on the future course for the industry, defining pathways to explore new avenues of growth, while building strategies to thrive in the post-COVID world.
The e-event witnessed participation of over 2,000 delegates and eminent dignitaries from the Government, OEMs, industry bodies and think-tanks. Among the Government functionaries who attended, were Mr Nitin Gadkari, Union Minister for Road Transport & Highways, and MSMEs, Mr Piyush Goyal, Union Minister for Commerce and Industry and Railways, and Mr Amitabh Kant, CEO, NITI Aayog.
ACMA also launched a mobile application, which was unveiled by its Director General, Mr. Vinnie Mehta. The mobile app will be a one-stop destination for all users and industry players for information on products and services.
In addition to the lively sessions, ACMA released a study, in partnership with McKinsey. The study, ‘Shaping the New Normal’, gives a strategic roadmap to the industry with newer trends and opportunities in the new normal.
The study recommends the auto suppliers to take four key actions that include Increasing the localisation to capture $12-billion opportunity for import substitution, collaborate and step into adjacent sectors that involve focus on aftermarket, optimise to become competitive to reduce 15-20 pc cost and enable a winning mindset by making digital, analytics, and automation a way of working.
Addressing the session, Mr Gadkari said, “We know the industry is reeling under tough times and the Government is doing its best to address the needs of the industry. We are constantly working to foster growth of MSMEs, develop the road infrastructure and focus on safety guidelines and increase adoption of alternative cleaner fuels in India.”
Mr Gadkari also announced that the Government is planning to bring the scrappage policy, which has been a long-standing demand of the industry, within a month.
Commerce and Industry Minister Mr Goyal said, “ACMA has been in the forefront of shaping the new normal. This indeed is a great time to bring in positivity and I see the auto component industry as becoming champions of the Atmanirbhar Bharat.
Speaking on the occasion, Mr Amitabh Kant said, “The current times have been challenging which have given a huge opportunity to adapt and leapfrog to the world of tomorrow. The auto component industry is a strong representation of Atmanirbhar Bharat and we see India’s recovery on the back of automobile and component manufacturing.”
Commenting on the session, Mr. Deepak Jain, President, ACMA, said: “Though we have witnessed challenging and inescapable new realities during the COVID-19 pandemic, we must now consciously work for the future.” In the past month, he said, “we have seen a massive rebound to almost 100 per cent in most segments, which is indeed heartening.”