The Insurance Brokers Association of India (IBAI) today demanded implementation of a mechanism to reduce delays in renewal of licences and dubbed the recommendations of the Swarup Committee as being “unpractical” and “misconceived”.
Despite the surge in automobile sales in recent months and new vehicle development programmes of car makers, auto component makers are wary of committing further investments in building new capacities. They have adopted a wait-and-watch attitude to see if the demand sustains. “Component makers are investing with caution and moving in a phased manner. They are not adding capacity in big strides, like a few years ago, but only incrementally,” said Ashok Taneja, president, Shriram Pistons.
The US markets ended on a negative note on Friday.
The Dow Jones Industrial Average slipped 0.52% to 10,067 and the Nasdaq Composite Index dropped 1.45% to 2,147.