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During ACMA’s annual session on Thursday, Maruti Suzuki India Chairman, RC Bhargava said that the  auto component industry needs to invest more in research and development, and try to maximise the internal resources. Also, he added that companies should reduce the spending on lifestyles of senior management to become globally competitive. He also noted that much needs to be done to further improve auto component exports, which currently stands at just 1.2% of the total automobile global trade.

He also said that the industry has to become more competitive by developing technologies and have internal resources to develop competencies. The industry can expect higher rates of growth and our export components from 1.2% and could go up to 7% or 8%

Companies need to revamp their work culture

Speaking at the virtual conference, Bhargava said that the growth of our production has declined from 12% in 2010, to an annual compounded rate of growth of 1.3% in 2015-20. He also added that this data is without the inclusion of the Covid years as they are unusual and are not relevant for determining the trend of the industry.

The manufacturing industry has been on a  declining trend and is not healthy for growing the competitiveness of the component industry, he added. Investements in R&D and in developing engineering capabilities have been inadequate in most companies in the component manufacturing industry. The secret of building strong companies is by generating more and more internal resources, he added.

Bhargava also said that component manufacturers need to look at the entire management culture and the management style and also how to retain more funds remain within the company. They should also ensure how limited funds are used for other purposes.