The impact of Covid-19 has led to a production loss of ₹1,000-1,200 crore per day for the auto component industry. Retrenchment, especially of contract workers, seems likely if the lockdown continues after the stipulated 21 days.
With a three-week lockdown announced by the government, production has come to a standstill in the industry across the country, the Automotive Component Manufacturers Association (ACMA) said on Friday.
Auto component manufacturers are facing severe hardships on the cash flow front which, if not immediately addressed, will lead to insolvency of several companies, especially those in Tier-2 and Tier-3 cities, it said.
Litmus test
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