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Coronavirus lockdown caused auto industry loss of ₹2,300 crore per day: Parliamentary panel

Updated Dec 15, 2020 | 19:25 IST Considering the crisis, the standing committee predicted that the automobile industry is likely to go through at least two consecutive years of severe contraction, Coronavirus lockdown caused auto industry loss of ₹2,300 crore per day: Parliamentary panel   |  Photo Credit: BCCL In the wake of the COVID-19 pandemic and subsequent lockdowns, the automotive industry suffered Rs 2,300 loss crore per day and an estimated job loss in the sector was about 3.45 lakh, according to a parliamentary panel report submitted to Rajya Sabha Chairman M Venkaiah Naidu on Tuesday. The Parliamentary Standing Committee On Commerce, chaired by Telangana Rashtra Samithi (TRS) MP Keshav Rao, has also suggested a slew of measures for attracting investment in the automotive sector in the country, including overhauling of prevalent land and labour laws.

Lockdown impact: Automotive industry suffered Rs 2,300 crore loss per day, says par panel

Lockdown impact: Automotive industry suffered Rs 2,300 crore loss per day, says par panel SECTIONS Last Updated: Dec 15, 2020, 07:03 PM IST Share Synopsis Parliamentary Standing Committee On Commerce, chaired by Telangana Rashtra Samithi (TRS) MP Keshav Rao, has suggested a slew of measures for attracting investment in the automotive sector in the country, including overhauling of prevalent land and labour laws. AP All the major original equipment manufacturers have cut down their production by 18-20 per cent due to low demand and decline in sales of vehicles. As a result, the employment scenario in the automobile sector has been affected. New Delhi: In the wake of the COVID-19 pandemic and subsequent lockdowns, the automotive industry suffered Rs 2,300 loss crore per day and an estimated job loss in the sector was about 3.45 lakh, according to a parliamentary panel report submitted to Rajya Sabha Chairman M Venkaiah Naidu on Tuesday.

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