Budget 2021: a statement from Nagesh Basavanhalli, Group CEO & MD, Greaves Cotton Limited

“Long term progressive budget built on sound strategy for improving national health and economic recovery. The government’s resolve to support manufacturing and infrastructure sector is commendable. The emphasis on government spending in building pan-India transport and allied infrastructure should have a positive impact in reviving consumer demand for vehicles. The allocation of a sizeable sum towards the PLI scheme will help the industry create jobs and boost economic growth. The recognition of the manufacturing sector as an integral part of the global supply chain and to grow the same in double digits, will be boost to the industry . While the auto sector would have liked to see more direct measures in the budget, however the Scrappage policy is certainly a step in the right direction. This is a step in the right direction for both ecology and economy. The focus on rural and agri credit growth will also have a cascading effect on the auto sector.”