if the indian economy has to grow back the auto sector will play an extremely vital role jain noted new delhi the auto component industry is seeking a breather in terms of introduction of new regulations and a longterm roadmap for rolling out new norms for the sector in order to prepare accordingly for the transition which entails heavy investments industry body acma has said the industry which accounts for around 23 per cent of the countrys gdp has been struggling of late due to a prolonged downturn in the auto industry as a whole and due to covid19 situation which has brought in supply chain issues and impacted productivity advt in an interview with automotive component manufacturers association of india acma president deepak jain said that challenging business environment has limited the capacity of the industry to invest further for any new regulations during the shift from bsiv to bsvi the auto industry invested close to rs 80000 crore 4050 per cent of which was by the auto component industry going forward such regulations will keep on coming so we have asked for a breather as an industry to recalibrate what are the most requisite regulations jain said the industry which provides employment to around 50 lakh people said it also seeks a longterm 1015 years roadmap for the rollout of regulations so that it can prepare accordingly for the transition he added investment ability of auto component industry has reduced significantly because of the downturn in the market and then of course covid situation jain said he added that with the current volatile situation bringing stability to the sector remained one of the most critical aspects i think fundamentally we need stability there has been too much of disruption we need to bring the industry to stabilise and post that we need to look at initiatives that are sustainable to make us stronger and stable for the future and this can only happen through very strong collaboration across all the stakeholders of the ecosystem jain said advt jain noted that initiating steps to boost demand as well as ensuring supply chain across the country were critical steps to ensure long term sustainability of the automobile industry even today supply chains are struggling we are not able to cater to even muted demand the government needs to clearly look at it holistically and balance both demand and supply looking at the importance of the auto sector in the country he added if the indian economy has to grow back the auto sector will play an extremely vital role jain noted he added that various industry verticals like siam acma fada among others and government would have to come together and collaborate in order to achieve future targets like becoming selfreliant in terms of various auto components jain said as the industry has longstanding expectations from the government to bring demand boosters ranging from tax realisation to priority lending status even the government has expectations from the industry in