You may drive a car in Europe or America but in future you will have to depend on the auto parts coming from China and India. Labor is cheap in India and China and that is why they can afford to produce auto parts at a cheaper price and that is why now all the companies are taking these two countries very seriously. At the same time, Chinese and Indian companies are becoming matured too in this field. I am quoting from a report of Business Standard:
“The Japanese, American, and European automobile industries are going to be mainly dependent on Indian and Chinese component suppliers in the near future, says a McKinsey & Company study.
“In the period of transition, Chinese and Indian suppliers and the global OEMs (original equipment manufacturers) are all working to position themselves for the future, as the cost imperative propels the migration of more and more parts and components businesses to low-cost countries (LCCs),” the study says.
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Leading suppliers in China and India have started building their position in the global supplier industry, driven by the rapid growth in their domestic vehicle markets and a surge in global sourcing from them.”
Good news for both China and India. Of course, China has already emerged as a giant in the auto parts sector. Now, it is the time of India to rise and create thousands of jobs in this sector.
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