In­dus­try re­sponds to Bud­get 2018

Commercial Vehicle - - WHAT'S INSIDE -

Var­i­ous el­e­ments of the In­dian au­to­mo­tive in­dus­try have re­sponded to the Union Bud­get 2018. Ravi Chawla, Man­ag­ing Di­rec­tor, Gulf Oil Lu­bri­cants In­dia Lim­ited, has ex­pressed that the bud­get lays out a ro­bust frame­work to en­sure In­dia’s long-term eco­nomic growth. Stat­ing that the gov­ern­ment’s de­ci­sion to fo­cus on the ru­ral econ­omy fa­cil­i­tates a broad-based eco­nomic growth, Chawla men­tioned that the fo­cus on in­fra­struc­ture de­vel­op­ment with en­hanced al­lo­ca­tion of almost Ru­pees-six lakh crore in FY2018-19 will play a key role in pro­pel­ling the growth of lu­bri­cants in­dus­try, which is wit­ness­ing pos­i­tive de­vel­op­ment in heavy ve­hi­cles and con­struc­tion equip­ment seg­ments.

Part­ner and Leader - Au­to­mo­tive at PwC In­dia, Ka­van Mukht­yar, ex­pressed that a sig­nif­i­cant push for re­ju­ve­nat­ing the ru­ral econ­omy and im­prov­ing eco­nomic de­vel­op­ment through bet­ter in­fra­struc­ture con­nec­tiv­ity will be pos­i­tive for trac­tors, util­ity ve­hi­cles, and com­mer­cial ve­hi­cles. He fore­casted a boost in de­mand over the medi­umterm for the In­dian au­to­mo­tive sec­tor be­cause of the at­ten­tion to ru­ral agri­cul­ture, in­fra­struc­ture and SMEs. Vipin Sondhi, MD & CEO, JCB In­dia Ltd., de­scribed the bud­get as bal­anced. “The fo­cus on agri­cul­ture, ru­ral de­vel­op­ment, health­care and a con­tin­ued thrust on in­fra­struc­ture will lead to favourable op­por­tu­ni­ties for growth as far as the In­dian Con­struc­tion Equip­ment In­dus­try is con­cerned,” he said.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.