When Piketty came to India
Thomas Piketty, the French economist and author of the famous book Capital in the Twenty First Century, was recently in India. He delivered a lecture on the state of inequality globally as well as in India.
Fiat Chrysler Automobiles India, which has had a runaway success with its first locally made product-the Jeep Compass has now recalled 1,200 units of the SUV, to rectify faulty front passenger airbag.
The company said the recall decision follows a similar move by its parent in the US.
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“A supplier has advised FCA that during its airbag module assembly process, loose fasteners may have inadvertently found their way undetected into a small number of modules.
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“The number of affected Compass is expected to be less than 1 percent of the total recall units-which is around 1,200 in the country”, FCA India said in a statement.
It further said the vehicles are being recalled as it feels that the loose fasteners may pose a hazard to the front passenger as the airbag may not work on time.
“Thus, FCA India will replace the passenger airbag on an estimated 1,200 Compass to eliminate this concern” it said.
In the coming weeks, the company and its authorised dealers will directly contact the Compass customers to check whether they require a front passenger airbag replacement, the company said.
FCA India had a runaway success with the Compass, rolled out from its Ranjangaon facility which is a JV between Fiat and the Tatas.
Within two months of launch this July at a starting price of Rs 14.95 lakh, the company had sold over 10,000 units of Compass and from last month it began exports to Australia and Japan. It shipped 600 right-hand drive Compass to these markets from the Mumbai Port.
The Ranjangaon-produced SUV with over 65 percent local content will go to more international markets through the ongoing quarter of 2017.
FCA India has invested USD 280 million in the plant to support local production and has already recovered this amount with the sale of the first 10,000 units.
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