By Harsha Kadam
Most of the industry was expecting the slowdown to happen in 2020 but it came earlier in 2019 itself making it a year of challenges. Through last year's budget the government proved that it is committed to the growth of the auto industry by the push to green initiatives such as Electric Vehicles and announcement of implementation of emission norms like BSVI.
But, we at Schaeffler India are hopeful of the government to announce a clear roadmap and model on the required infrastructure to support these initiatives in this year's budget. While the centre took multiple steps to boost government spending on infrastructure, we believe that special attention and tax reforms to revitalize consumer spending will augur well for the economy.
For component manufacturer’s like us stability in steel prices is also important so that growth trajectory can be sustained, and profit can be passed on to end consumers/customers. We are approaching the budget with high optimism.
(Harsha Kadam is the CEO & President of Industrial Business, Schaeffler India)
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