59th SIAM Annual Convention: Looking Beyond The Slowdown

At the 59th SIAM Annual Convention, the stakeholders of the auto industry strengthened their resolve to look beyond the slowdown in growth.

- Anwesh Koley

The 59th SIAM Annual Convention ushered in hope and optimism for the auto industry jostling with a slowdown. Held on September 05, 2019 in New Delhi, the annual fixture in the auto industry’s calendar had the stakeholders take stock of the downturn across segments that extended itself to nine consecutive months in August 2019 leading up to the congress. Titled ‘Moving into A New Era of Auto Industry’, the Chief Guest, Nitin Gadkari, Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Government of India kickstarted the proceedings of the day-long schedule by beginning on an optimistic note. He assured the stakeholders of the auto industry that the Government was standing by the industry in these trying times for the sector, weighed down by an overall slowdown in the economy and global pressures on the macroeconomic environment. Allaying fears of an extended slowdown, Gadkari spoke of the country’s potential as the preferred manufacturing destination. “India is poised to become the world’s largest manufacturing hub,” he stated.