Lockdown impact; Automotive industry suffered Rs 2,300 cr loss per day, 3.45 lc job loss: Par panel
New Delhi, Dec 15: In the wake of the COVID-19 pandemic and subsequent lockdowns, the automotive industry suffered Rs 2,300 loss crore per day and an estimated job loss in the sector was about 3.45 lakh, according to a parliamentary panel report submitted to Rajya Sabha Chairman M Venkaiah Naidu on Tuesday.
The Parliamentary Standing Committee On Commerce, chaired by Telangana Rashtra Samithi (TRS) MP Keshav Rao, has also suggested a slew of measures for attracting investment in the automotive sector in the country, including overhauling of prevalent land and labour laws.
"The committee was informed by the auto industry associations that all the major original equipment manufacturers (OEM) have cut down their production by 18-20 per cent due to low demand and decline in sales of vehicles. As a result, the employment scenario in the automobile sector has been affected and the an estimated job loss in the auto sector at 3.45 lakh," the panel said in its report.
Hiring of manpower has been stopped in the auto industry sector. Besides that, 286 auto dealers have been closed. Further, production cuts in the automobile sector have a percolating negative impact on the component industry adversely affecting the Micro, Small and Medium Enterprises (MSME) engaged in the automobile spare parts manufacturing, the report states.
"As informed by the Automobile Industry Associations, the production stoppage at the automotive OEM and component supplier due to the COVID-19 pandemic and subsequent lockdowns led to a loss of approximately Rs 2,300 crore per day to the automotive sector," according to the report.
The standing committee further said the actual magnitude of the impact depends on the duration of lockdown period, the intensity and extent of spread of the COVID-19 outbreak.
Considering the crisis, it is predicted that the automobile industry is likely to go through at least two consecutive years of severe contraction, leading to low levels of capacity utilisation, lack of future CAPEX investment, high risk of bankruptcy and job losses across the entire automotive value chain, the committee said.
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US rules out use of nuclear weapons against Iran
Washington DC: The White House has reportedly ruled out the use of nuclear weapons against Iran, even as uncertainty continues over ongoing peace negotiations and a deadline set by US President Donald Trump approaches.
Issues bout a possible escalation had increased after US Vice President JD Vance said that the United States has “tools in our toolkit that we so far haven’t decided to use” in dealing with Iran.
His remarks came amid rising tensions and ahead of a deadline linked to peace efforts.
The situation has attracted attention as Trump warned Iran that its “whole civilization will die tonight tonight” if an agreement is not reached by Tuesday at 8 pm.
This statement led to speculation about the possibility of extreme military measures, including a nuclear strike.
Following Vance’s comments, the White House issued a clarification distancing itself from such interpretations. In a post on X, it said, "Literally nothing @VP said here 'implies' this, you absolute buffoons." In a later statement, it added that “only the president knows” what action will be taken regarding Iran.
Literally nothing @VP said here "implies" this, you absolute buffoons https://t.co/7JU3wXMaWX
— Rapid Response 47 (@RapidResponse47) April 7, 2026
