New Delhi: The commercial vehicles industry in India is quite dominating but it's the inherent cyclicity that has prolonged more than usual, posing numerous challenges for the players in past few years. Despite these challenges, the commercial vehicles industry holds tremendous potential.
Speaking at the Commercial Vehicles Conclave 2015 powered by Economic Times in Mumbai, Anant Geete, heavy industries and public sector enterprises minister, said, "India has tremendous potential in the commercial vehicles segment and we need to feed this potential by working in union with the manufacturers."
"I assure that they will get all the support possible from the government," adding that the government already has an approval of Rs 795 crore for electric and hybrid vehicles and eventually Rs 14,000 crore will be spent on alternate fuel vehicles.
VG Ramakrishna, Managing Director, South Asia, Frost and Sullivan was at the conclave to share his opinions on the prospects of the commercial vehicle industry. He said, "Lower crude oil prices are helping the commercial vehicle industry to grow. I am confident that the domestic demand for commercial vehicles will cross the 10 lakh units mark by 2017."
