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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 medium-term 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.

 

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