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Good Growth Will Soon Return To The Indian Car Market: Kenichi Ayukawa, MD, CEO, Maruti Suzuki

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3 years ago

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Good Growth Will Soon Return To The Indian Car Market: Kenichi Ayukawa, MD, CEO, Maruti Suzuki

Nearly two years later, Maruti Suzuki launched a new model in the country. The company launched S-Presso in September 2019, and since then, we have seen a large number of changes and updates to the model series. Obviously, the times are difficult, and the company has a clear agenda for the release of new products.

Today, the company finally launched a new generation of Celerio, to some extent, this marked the beginning of the company’s series of product releases. During the launch of the new Celerio, Managing Director and CEO Kenichi Ayukawa outlined the dilemma stages the industry is going through. With the massive outbreak of the second wave earlier this year, it once again brought the industry to a standstill. However, according to the first wave of experience, the growth rate of production is much faster.

He went on to say that due to the unprecedented global electronic component supply crisis, the second quarter is another challenging period. In terms of sales volume, the industry may still be well below the best level for the 2018-19 fiscal year, but Ayukawa said the outlook is optimistic.

He said: “In general, due to the shortage of electronic components, I think there may be some supply constraints in the short term. But India’s mid- to long-term story continues to look promising.” He outlined three main areas that provide positive prospects for the industry. He pointed out that the country’s vaccination campaign is a confidence booster for business and economic recovery. Due to the strengthening of road infrastructure, and ultimately the energetic young population eager for growth and achievement, a huge driving force for the industry also follows. A private car is very suitable for his growth plan and lifestyle.

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India is now the world’s fifth largest automotive market, and Maruti Suzuki contributed nearly half. The outlook for the coming year is positive. Although demand will exceed supply in the short term, things will be more streamlined as we enter the new fiscal year quarter.

News Source: NDTV

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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17 hours ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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