Industry responds to Budget 2018
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.