Synopsis
More than 85% of the Indian component industry are MSMEs, majority of which are Tier-II and Tier-III players that supply parts and sub-assemblies to Tier-I players, the replacement market, and OEMs.
Many parts suppliers said that their biggest immediate concern is fixed operating costs, those expenses that do not go away when a business is shuttered.
NEW DELHI: When the automotive small and medium enterprises (MSMEs) began to come out of a year of slow down and lost business they were faced with a still worse calamity in the form of the second wave of the COVID-19 pandemic across the country.