Harsha Kadam, CEO, Schaeffler India and President, Industrial Business
(Ball and roller bearings)
The auto components industry will see more investments if further clarity is provided on the PLI Scheme announced in 2020.
Implementation of the scrappage policy will also improve sales that will benefit the industry and environment.
From an overall manufacturing industry perspective, stabilisation of raw material prices is of importance to the industry, promoting finished goods exports will in turn increase forex reserve and a positive step.
The industry requires some relief in custom duties especially for raw materials and other manufacturing elements.
Considering the year 2020 and the effects of pandemic, the government should also focus on steps that will enable job creation, which will be a critical success factor. Budget 2021 is hope for many industries and we are looking forward to it with anticipation.