New Delhi, Sept. 12 -- Auto component industry leaders on Friday voiced optimism over the recent GST rationalisation and the free trade agreements (FTAs) the government is working on.

At the same time, they also raised concerns over rare earth shortages and delays in product development cycles, during the Automotive Component Manufacturers Association of India's (ACMA) annual event held here in the national capital.

Vivek Vikram Singh, Managing Director and Group CEO of Sona Comstar, urged the government to engage with China on the rare earth supply.

"We need solutions. The government should engage with the Chinese side and eliminate these rare earth export controls. The interim solution (using rare-earth-free magnets) is not the best....