Auto MSMEs seek relief from carmakers
New Delhi: Small and medium enterprises supplying auto components have urged large automobile manufacturers to share the burden of rising wages, energy prices and raw material costs, saying that many of them are under severe financial stress. They have also made a pitch for long-term vendor sustainability frameworks instead of purely transactional procurement practices.Industry body Federation of Indian Micro Small and Medium Enterprises (FISME) has approached the Society of Indian Auto Manufacturers that represents automakers, asking it to urge its members to speed up price revisions as well as make faster payments and provide support to suppliers through financing platforms such as the Trade Receivables Discounting System.Also read: In fast lane: The twin drivers behind MoTown India's fast & furious April showSMEs are struggling with sharp increases in labour and input costs, with wages rising by up to 35% in some regions and overall operating costs increasing more than 35% s...