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Tamil Nadu
Auto components, machine tools expo opens
Special Correspondent
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Muthiah blames rising crude oil prices, populist policies for sluggish growth in manufacturing
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— Photo: R. Shivaji Rao
SHOWCASING INDUSTRIAL MITE: A.C. Muthiah, Chairman, SPIC, at ACMEE 2008 at the Chennai Trade Centre on Thursday.
CHENNAI: The automobile industry has been an important driver of economic growth in India, A. C. Muthiah, chairman, SPIC, said on Thursday.
With linkages in such key sectors as engineering, transport and capital goods, the industry is also one of the largest employment providers, he said, inaugurating the 8th International Auto Components and Machine Tools Exhibition (ACMEE 2008) here.
A global hub
Dr. Muthiah said India was becoming a hub for the global automobile industry. Many foreign auto giants were setting up shop in the country, and there was a huge demand for automobile components.
The automobile component industry has been growing at 20 per cent a year since 2000, contributing more than $2.5 billion in exports. The growth can be maintained for the next few years despite the current economic problems, he said.
Blaming rising crude oil prices and populist policies for the sluggish growth in the manufacturing and other sectors, Mr. Muthiah said the growth of the automobile industry would help to accelerate the Indian economy just as Detroit had fuelled America’s growth.
D. Rajendran, Chairman and Managing Director, Tamil Nadu Small Industries Development Corporation (SIDCO), said the automobile components sector could benefit from many government incentives for micro, small and medium enterprises.
He said the government’s micro, small and medium enterprises policy, and its positive approach to the automobile sector, had resulted in many companies setting up shop in and around Chennai.
Area increased
Dilip Kumbhat, chairman, ACMEE 2008, said the area for the biennial exhibition had increased by 42 per cent since 2006, with nearly 80 per cent of the participants from the micro, small and medium enterprises.
The five-day event has drawn 425 participants, with 42 representatives from foreign countries.
The exhibition also features stalls by students of eight engineering colleges showcasing their projects.
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