Mr. Harsha Kadam, CEO Schaeffler India and President Industrial Business

This budget has the ingredients to deliver long term growth. The government is bullish on public spending and we are encouraged by it. We were certain that Budget 2021 would surely consider the gloom that hovered over the Indian auto industry and it is reassuring to see that it did. The infrastructure boost will surely benefit the heavy and medium commercial vehicle segment, which was much needed. The voluntary scrappage policy implementation is surely a step in the right direction keeping in mind the environment and auto industry at large. We have been awaiting it for a while and this is a step forward for sure. In fact, the announcement regarding the PLI scheme investments is going to play an accelerator for the manufacturing sector, which has seen really tough times along with the auto industry. This gives reason for double celebration as it will encourage global manufacturing firms and also provide incentives for local manufacturing firms to expand. This is a huge step in terms of creating jobs and opportunities for the youth. This budget has been very progressive for the railways as well, an important sector for us. The decision of commissioning dedicated freight corridors which will not only improve the overall movement of goods but also spur economic activities in the long run. The continued push for investment in railway with the additional allocation towards MetroLite and MetroNeo for smaller cities for bodes well in the long run. The only caution here is to look at the inflating fiscal deficit. Overall, the budget provides an opportunity for the state and the central governments to come together and rebuild for the future and we must seize these opportunities for future growth.

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