Mumbai, 25 September 2024: The Society of Indian Automobile Manufacturers (SIAM) organised the SIAM Automotive HR Conclave today, themed “Shifting Gears: HR Strategies for a Disruptive Automotive Landscape.” The conclave discussed the key trends reshaping the HR landscape in the automotive sector and explored HR strategies that will drive industry growth, aligned with India’s vision for Viksit Bharat by 2047. The conclave had enthusiastic involvement from government officials, CHROs of Automotive Industry, HR Professionals, HR Consultants, HR tech solution providers, academia and other key stakeholders in Automotive HR sector.

During the conclave, two key reports were unveiled: the ‘SIAM Handbook for Service Advisers and Service Technicians,’ created in partnership with SIAM and the Automotive Skills Development Council (ASDC), and the ‘Automotive Talent in Top Gear – Industry Report on HR Trends in the Automotive Sector,’ developed in collaboration with SIAM and Deloitte India.

Mr Charles JS Walter, Chairman SIAM Human Capital Group and Vertical Head & AVP – Human Resources, Hyundai Motor India Ltd. Said, “The theme of this conclave is especially relevant as disruptions to traditional practices have completely reshaped the landscape and we have embraced this disruption. We are achievers who thrive in the face of change and in a world where disorder is the new order. This conclave highlights how disruption is now a mainstay and a central part of our culture and success.”

On this occasion, Mr Vinod Aggarwal, Immediate Past President, SIAM and Managing Director & CEO, Volvo Eicher Commercial Vehicles Ltd., said, “India’s economy, now at $3.7 trillion, is growing fast, and the automotive sector is playing a big role. It contributes 15% of the country’s GST and has a turnover of ₹20 lakh crore. The key to this growth is our human capital. Taking care of employees and encouraging innovation is important. This conclave highlights how people are crucial in facing challenges and shaping the future of HR in the automotive industry.”

The conclave included insightful sessions such as “Fueling Innovation – Building Talent Capability in the Automotive Industry,” “Belonging in the Automotive Industry – Fostering a Culture of Diversity & Inclusion,” and “Beyond the Wheel – Skilling Up for the Future of Automotive.” These sessions highlighted key trends shaping the industry, the importance of fostering an inclusive workplace, and the need for upskilling to meet the evolving demands of the automotive sector.

The panels included esteemed industry leaders, including: Mr. Raja Radhakrishnan, President – HR, Ashok Leyland Ltd.; Mr. Sabyasachi Ray, Vice President – HR, Bajaj Auto Ltd.; Mr. Rohit Thakur, Chief Human Resources Officer – Auto & Farm Sector, Mahindra & Mahindra Ltd.; Mr. Salil Lal, Executive Officer & Chief Human Resources Officer, Maruti Suzuki India Ltd.; and Mr. R Anandakrishnan, President – HR & IT, TVS Motor Company Ltd, Ms. Jyoti Singh, Head of HR (R&D) and Diversity & Inclusion at Hero MotoCorp Ltd.; Ms. Amrita Ganguly, Chief Diversity Officer at Tata Motors Ltd; Mr. Dharm Rakshit, Head of HR (Plant) and Employee Relations Lead at Hero MotoCorp Ltd.; Mr. Sushil Kumar Agarwal, Joint Director at the Ministry of Skill Development and Entrepreneurship, Government of India amongst others who shared their insights on preparing a future- ready talents in the automotive sector.

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One significant factor contributing to this anticipated growth is the extension of the Production-Linked Incentive (PLI) scheme for the automotive sector. Originally scheduled to run from 2022-23 to 2027-28, this scheme’s extension promises to usher in a new era of growth and increased employment opportunities within the sector.

This encouraging trend is evident in various regions, including the states of Gujarat, Uttarakhand, Madhya Pradesh, and metropolitan cities like Pune, Chennai, and Bengaluru. To meet the evolving demands of this dynamic industry, there is a pressing need for comprehensive skilling and re-skilling initiatives, particularly to align with technological transformations such as EVs and connected-car technologies. In response to these challenges, degree-linked apprenticeships in the automotive sector are emerging as a solution, offering access to sought-after roles such as Automotive Service Technicians, Assembly Line Operators, and Shopfloor Engineers. These programs also provide competitive stipends ranging from INR 12,500 to INR 13,300 per month.

Sharing his views on this remarkable surge, Mr. Sumit Kumar, Chief Business Officer, TeamLease Degree Apprenticeship, said, “We believe that apprenticeship programs are the foundation of skilled talent development in the automotive industry. The extension of the PLI scheme, with its ₹25,938 crore investment, is a testament to the sector’s immense growth potential. The government’s expectation of creating 1.48 lakh fresh jobs is proof of the scheme’s potential impact. As of now, approximately 21,123 workers have already been employed, showcasing the industry’s rapid growth. However, this accelerated pace has also shed light on the skills gap within the sector.”

The extension reinforces India’s standing as a global manufacturing hub, especially in the field of electric vehicles (EVs). Notably, the ‘Component Champion Incentive Scheme,’ a part of the broader PLI scheme for the automobile sector, has attracted approximately 75 new entrants, including industry giants such as Maruti Suzuki, Hero MotoCorp, Bosch, Hero Cycles, Minda Corporation, and Toyota Kirloskar Auto Parts.

He further added, “Through degree apprenticeship program, young talents will be empowered with specialized knowledge in cutting-edge areas such as Electric Powertrain Technology, Battery Technology, and Electric Vehicle Charging Infrastructure. This hands-on experience equips them to excel in roles that are not only pivotal for the future of automotive manufacturing but also address the current industry demand. Thus, we are not only bridging the talent gap but also ensuring a brighter and more technologically advanced future for both the industry and its workforce.”

In addition, the shift towards alternate fuels within the automobile sector, including EVs and other sustainable technologies, is driving the need for talent with expertise in these areas. This further underscores the importance of apprenticeships in preparing the workforce for the future.

The industry’s increasing adoption of women apprenticeships signifies a strong commitment to fostering an inclusive workplace environment and advancing gender equality

Talent creation is one of the significant outcomes of degree-linked apprenticeships. By providing a structured pathway for skill development, these programs nurture a pipeline of talented individuals who are well-equipped to meet the demands of the industry. Employers benefit from a pool of skilled and trained workers who are ready to contribute effectively to the workforce.

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About TeamLease Degree Apprenticeship: TeamLease Degree Apprenticeship is India’s first and largest Degree Apprenticeship Programme offered through a public-private partnership with the TeamLease Skills University (TLSU), Ministry of Education, Ministry of Skill Development and Entrepreneurship, CII and NSDC. The company has hired about 600,000 apprentices with more than 1000 employers. About 98% of these apprentices have transitioned into formal employment and almost 40% have been employed in the same organization. Through its Degree Apprenticeship Program, TeamLease focuses on enhancing the employability quotient of the youth of our country and bridging the skill deficit. TeamLease Skills University (TLSU) is India’s first vocational skills university as well as India’s first NAAC-certified University that offers employment-oriented multi-level programs.

About TeamLease Services Pvt. Ltd. : TeamLease Services is one of India’s leading people supply chain companies offering a range of solutions to 3500+ employers for their hiring, productivity and scale challenges. A Fortune India 500 company listed on the NSE & BSE, TeamLease has hired 20 lakhs+ people over the last 20 years. One of India’s fastest growing employers, TeamLease also operates India’s first NAAC Accredited Skill University and India’s fastest growing PPP Degree Apprenticeship Program. The Company offers solutions to large, medium and small clients across the 3Es of Employment (over 2.9 lakhs associates/trainees), Employability (over 5 lakhs students) and Ease-of-doing Business (over 1000 employers). In FY2015, TeamLease rolled out DA (Degree Apprenticeship) to provide on-the-job training to apprentices.

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On the sectoral front, the  BSE Auto index led the fall, followed by Realty, Bankex, and consumer discretionary stocks.Sectors which bucked the trend include power, consumer durable, and metals.

Foreign portfolio investors (FPis) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019, Finance Minister Nirmala Sitharaman said, in a discussion on the Finance Bill in the Parliament on July 18.

FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, dashing hopes that the government may tweak relevant portions of the Finance Bill to ring-fence FPIs from the effects of the “super-rich” tax.

So far in July, foreign investors have pulled out more than Rs 5,000 crore from the cash segment of the Indian equity market.

The broader market has been under pressure throughout this week. On Friday, more than 300 stocks touched their fresh 52-week low including names like Eicher Motors, Maruti Suzuki, HEG, M&M, TVS Motor, Hindustan Zinc, GAIL India, Yes Bank among others.

Weak monsoon progress

Till July 19, cumulative rainfall was 15.8 percent below normal levels and the weekly rainfall 19.8 percent below normal. On a regional cumulative basis, spatial distribution has been deficient across India.

Out of the 36 sub-divisions across India, till date, 18 have received deficient rainfall, 16 have received normal rainfall, three have received excess rainfall, and one received scanty rainfall, said a Kotak Institutional Equities report.

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