New Delhi, Sep 3 (PTI) The government is working out a scheme that will facilitate finance for the auto component industry hit by economic slowdown and increasing competition from abroad.
"My ministry is examining the feasibility of having a separate scheme which can facilitate financing to the sector," the Minister of Heavy Industries and Public Enterprises, Vilasrao Deshmukh, said at the ACMA annual conference here today.
The Indian auto component sector comprises mostly small and medium units. And the foremost challenge for the industry is to raise required resources on their own.
Further, it is facing competition domestically from cheap imports and its exports, which constitute around 20 per cent of the sector's turnover, remain a matter of concern.
"This sector is facing stiff competition not only in the domestic market, but also in exports from other low cost countries," the minister said.
Source : PTI