COMING TOGETHER TO RAISE THE BAR

To realise the inherent growth potential, at the 62nd SIAM Annual Convention, stakeholders of the CV industry agreed to raise the bar of aspirations. Ashish Bhatia shares the key takeaways.

- Ashish Bhatia

With the festive season underway, Original Equipment Manufacturers (OEM) among other stakeholders of the automotive industry hailed the recent reversal and upturn of the commercial vehicle industry as a whole. The 62nd SIAM Annual Convention, held in New Delhi, had the industry come together in full attendance. The reunion at the very forum, for the first time, in a post-Covid-19 era, had the industry sentiments at an all-time high. The pleasant exchanges were against the backdrop of the realisation of commercial vehicle sales registering a 24 per cent growth in August 2022. These also touched upon a record turnover of Rs.4.2 lakh crore (USD 56.5 bn) for FY2022, registering a 23 per cent growth. A testimony to the OEMs and suppliers working closely is the latter registering a 23 per cent growth in sales to the former on the back of the recovery. The convention had Prime Minister Narendra Modi, set the tone as he hailed the mobility sector in his virtual address. While congratulating the industry for its contribution to the nation's economy, he urged the industry to raise the bar of aspirations. He emphasised the need to accomplish a higher degree of self-sufficiency in the automobile sector during the 'Amrit Kaal' by availing of the benefits of his government's initiatives like the Production Linked Incentive (PLI) scheme to boost manufacturing.

VISION 2047