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Auto cos line up 1L cr investment
Indian auto sector is expected to invest around Rs 1 lakh crore for upgrading products to meet various upcoming regulations related to emissions, safety and fuel efficiency, according to industry body SIAM.
Funds for upgrading products to meet various upcoming regulations: SIAM
New Delhi: Indian auto sector is expected to invest around Rs 1 lakh crore for upgrading products to meet various upcoming regulations related to emissions, safety and fuel efficiency, according to industry body SIAM.
From October this year, all new models will have to meet offset and side crash test norms, which will become mandatory for all models by 2019. By 2018 new models will have to meet pedestrian safety norms while all models will have to meet the criteria by 2020. The most important change will be the Bharat Stage VI emission norms that will kick in from April 2020.
The first phase of fuel efficiency norms has started already from this year and the second phase will commence in 2022 "The figures which we are getting from member companies is almost Rs 1 lakh crore," Society of Indian Automobile Manufacturers (SIAM) Executive Director (Technical) K K Gandhi told reporters here.
The investment as a whole would go into developing new platforms, emission norms, safety upgrades and fuel efficiency norms, he added. "Already investments have started as nobody wants to come up with a new BS IV platform, which cannot be upgraded to BS VI," he added.
The industry will have to develop a whole package meeting safety, emissions and fuel emission regulations, Gandhi said. Besides, various components like advanced after treatment systems which need to be installed in BS VI vehicles will have to be imported initially, he said.
