There are speed-breakers on the way to increased growth but the RSB group has got over most of them though there are still ups and downs.
The economy, R.K. Behera points out, has not been good since 2011-12 when the business cycle hit a trough. “It has now stabilised a little. This year started with a bang as vehicle production jumped, and we sold 40-50 per cent of our annual numbers in the first two months alone. But after that there was a slump again, till October, then one more jump; and now it is down again!” says the chairman of the RSB Group which makes a range of axles for commercial vehicles (CVs), as well as machined castings. “However, construction equipment is doing really well this year – so much so that we are not able to meet the requirement.”
The latest downtrend, of course, is ascribed to the same action of the Narendra Modi government: demonetisation. The Rs280,000- crore Tata Motors Ltd (TML), the biggest manufacturer of trucks in the country, has been badly affected with a fall of 40 per cent in off take, while the others – Ashok Leyland, Daimler Benz and Volvo – have all been badly affected too. Data from the Automotive Component Manufacturers’ Association (ACMA) also shows that passenger car sales are up – but, as Behera points out, “we are more into CVs and construction equipment”.
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