Tweet
Former FICCI president and ILO Governing Body Member YK Modi on Friday said that it is really sad to note that current unrest in the automobile industry has erupted at a time when the country is all set to emerge as a global hub in the sector. “The crisis at Maruti Suzuki’s Manesar plant and fresh incidents of violence have not only de-stabilized the growth of automobile industry - expected to grow by 11 to 13 per cent in the fiscal year ending March 2012 - but also tainted the country’s image of a ‘low cost manufacturing destination’ in international market,” said Modi in a statement
The series of strikes since June this year has already caused an estimated Rs 350 crone excise revenue loss to the Government, about Rs 1540 crone net loss to the company, and is expected to swell further. “It is therefore imperative for the state to actively step in and handle the situation as the consequences will not be confined to MSI alone but will be felt by the whole nation.
The country needs to generate around 15 million direct jobs annually to attain and retain double digit growth rate to remain cheap, competitive and favorite investment destination.
The series of strikes since June this year has already caused an estimated Rs 350 crone excise revenue loss to the Government, about Rs 1540 crone net loss to the company, and is expected to swell further. “It is therefore imperative for the state to actively step in and handle the situation as the consequences will not be confined to MSI alone but will be felt by the whole nation.
The country needs to generate around 15 million direct jobs annually to attain and retain double digit growth rate to remain cheap, competitive and favorite investment destination.
