Vinod Aggarwal: According to Aggarwal, President, SIAM and, MD and CEO, VECV, electrification of mobility is happening in India but to make it faster to hit the net zero target on time, the many hurdles have to be overcome with the collaborative efforts of all the stakeholders, the government, industry, consumers, and various other facilitators.
The market for the entry level cars has not improved at all this year. In the July to September 2023 quarter, it has gone down quite significantly. Maruti Suzuki, which grew its profit by 78% in Q2 on the back of SUV sales, believes that for a high level of sustained growth in the car industry in future, rise in demand of small cars is necessary. Going forward, the company s Chairman RC Bhargava sees the demand for entry-level car segment to gradually return in the next 2-3 years on the back of economic growth, better income levels, increased affordability, and no major impact of new regulatory norms.