ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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EXIM Bank- Untapped Potential

were manufactured in conjunction with Japanese units. The Union government is eager to seek Japanese support to modernise the automobile industry since it regards this industry as the engine of growth for the entire engineering sector. Therefore it is not surprising that the government appears to have accepted the reasoning of the Japanese firms for rejecting existing ancillary suppliers. There is currently a three-month ban on licensing of fresh ancillary units. Vet last month the Foreign Investment Board cleared an agreement between Clutch Auto and Aisin Seiki of Japan for the manufacture of clutches for Indo-Japanese vehicles. Union Industry Minister N D Tiwari was quite blunt about it while addressing a general meeting of the Automobile Components Manufacturers Association (ACMA) in New Delhi on June 9. He said that Maruti Suzuki was unable to locally secure components of the requisite quality.

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