by Editor News
One of the leading tyre manufacturers in India MRF LTD stated that the present year can be a tumultuous one for the Automobile Industry of the country with special focus on the transition in fuel norms from BS-IV to BS-VI. This statement was given by one of the top officials of the company. In the annual report of the company, the chairman and managing director of MRF LTD K.M Mammen quoted “The uncertainty is further compounded by lower consumer sentiments resulting in inventory build-up, and all original equipment manufacturers aligning production in line with demand".
He further laid his emphasis on fast and substantial development of infrastructure and also the statistical growth of the economy in the Union budget presented by the finance minister Nirmala Sitharaman, stating the economy to be $5trillion by 2025 and said that this could help the road transport sector. This should augur well for the tyre industry.
He said that the small turbulence in the tyre industry has to be endured by the companies as they are short term problems. India is one of the most preferred emerging economies in the world in terms of investment. The coming six months will be very unstable for the industry due to the transition to BS-VI norms. The tyre industry will have to align in accordance with the needs.
He also welcomed the incentive offers for the electric vehicle as it is the new emerging industry and will have a long term impact in the country and is also the need of the hour. The scarcity of credit funds will be challenging for the industry in the nearby time. This statement was also addressed in the budget. This transition will benefit in the maintenance of emission standards to regulate the pollutant level in the air and also the combustion. It will also lower the evaporation rate of the fuel when the vehicle is parked.
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