Stable policies key to auto sector growth: TVS CMD

He also said that "bureaucratic" IITs need to be unshackled for greater interaction and working with the industry. Huge growth opportunities exist in the sector and the industry needs to pro-actively engage with the government on issues such as skilled labour, research and infrastructure, he said.

For developing the complete ecosystem for the auto sector, "stable policy is one of the important things we need in the ecosystem", Srinivasan said.

Speaking at a SIAM function, he further said: "Courts unfortunately coming in and changing the BS-IV introduction created such a great deal of pain for the whole industry."

At the same time, he said, the industry also has to work on strengthening the technical ecosystem in universities.

"We have to work with the HRD ministry and really unshackle the IITs from the control which they have. They have such limited flexibilities (in terms of) the ways they can engage with the industry... We know how difficult it is to work with them in terms of constraints and way of (their) working...very bureaucratic," he said.

Huge potential of growth is there in the sector and "we expect employment to reach 38 million by 2022" from 20 million directly and indirectly currently, he said. He further said that demonetisation and introduction of the Goods and Services Tax will make "us more transparent economy based on tax paid money and it augurs well for future growth".