My congratulations on the launch of the ACT website.
ACT has been providing yeoman service to the auto component industry over the last twelve years through its cluster programs aimed at improving competitiveness of ACMA member companies. The programs that start with the basic foundation to the advanced cluster and now the engineering cluster take companies on a roadmap to becoming truly world class. There are over 300 companies who have benefited from our cluster programs over the years.
The Indian automotive industry has seen a slowdown over the last year and the prospects for the coming year are not very encouraging in terms of growth. At the same time, high and persistent inflation has pushed up costs. There has also been increased competition in our industry with imports and new entrants in almost all segments. In this scenario ACT aims at working with auto component companies and improves competitiveness through its programs.
The supply chain of the auto component industry is tiered. There is an urgent need for tier 1 companies to work with their tier 2 companies in improving their cost competitiveness and systems. ACT proposes to work with tier 2 companies of ACMA tier 1 companies through a dedicated program in the coming year. Similarly, we have also been approached by OEMs to work with clusters of small suppliers on improving quality and productivity.
While our programs have evolved over the last 12 years, we continue to look at evolving our programs to meet the current and future needs of our industry be it in terms of focus , be it in areas of quality, productivity or making companies greener. As part of the process of learning by sharing, we at ACT plan to use the website as a tool for sharing information and knowledge with our members.
My best wishes to our members as we embark on the endless journey towards excellence.