New Delhi, February 4, 2023: The Indian auto industry is set to see tremendous growth in the coming years, according to Shashank Srivastava, Senior Executive Director of Maruti Suzuki India Ltd.
During the Ten News Live show on ‘Budget 2023: Way forward for Indian Economy and Industry’, hosted by Dr Rudresh Pandey, Professor of Marketing at IMS Ghaziabad and consulting editor at Ten News Network, Srivastava highlighted the strong correlation between the growth of the auto industry and the overall economic growth.
“The analysis by E&Y and other reports suggest that the Indian economy has grown immensely in the last two decades, with the per capita income increasing from roughly 700 USD to 3000 USD in PPP terms. It is expected that GDP per capita will continue to rise, and India will transition from a developing to a developed country,” said Srivastava.
He mentioned that “The current budget has a lot of capital expenditures and is building a solid foundation for future growth.”
On Indian PV market, he said, “The Indian passenger vehicle market is expected to reach 6 million units by 2030, from current 3.8 million units. The economy is expected to grow at a pace of 6–7% annually, contributing to the growth of the auto industry.”
On Maruti’s roadmap for the future, he said, “Maruti Suzuki is making efforts to improve the fuel efficiency of existing vehicles, with fuel efficiency increasing by 15-20% in the last 6-7 years. They are also exploring CNG, biogas, and ethanol-blended fuels common in Brazil, with the company expecting 15–17% of vehicles to be electric by 2030.”
When asked about the opportunities for freshmen interested in the automobile industry, Srivastava highlighted the many domains available in the rapidly growing and technologically advancing industry, including human resources, logistics, supply chain management, production, and more.
He advised students to decide their area of interest and to be open to learning new technologies. The biggest skill required in the industry, according to Srivastava, is to develop soft skills, including interpersonal skills.
In conclusion, the Indian auto industry is poised for growth in the coming years, with a strong correlation to overall economic growth and a lot of opportunities for freshers in the field.
The budget and the government’s efforts towards the industry are also building a solid foundation for growth.