Mr Harsha Kadam, CEO Schaeffler India and President Industrial Business

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Budget declaration is an exciting part of the year and considering the year we faced in 2020, everyone is looking forward to this year’s budget. Amongst the many sectors affected the auto industry was surely one of the worst hit even prior to the pandemic. Budget 2021 is an opportunity to bring in measures that can help to boost a sustainable growth for the industry. The auto components industry will also see more investments if further clarity is provided on the PLI Scheme announced in 2020. Implementation of the scrappage policy will also improve sales that will benefit the industry and environment. From an overall manufacturing industry perspective, stabilization of raw material prices is of importance to the industry, promoting finished good exports will in turn increase forex reserve and a positive step. The industry also requires some relief in custom duties especially for raw materials and other manufacturing elements. The government is putting efforts in public spending on infrastructure projects that are driving the core sector industries. Considering the year 2020 and the effects of pandemic, government should also focus on steps that will enable job creation, which will be a critical success factor. Budget 2021 is hope for many industries and we are looking forward to it with anticipation.

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