Left Menu
Development News Edition

Govt’s special stimulus package to help revive commercial vehicle industry: Ashok Leyland MD

PTI | Mumbai | Updated: 13-05-2020 11:51 IST | Created: 13-05-2020 11:51 IST
Govt’s special stimulus package to help revive commercial vehicle industry: Ashok Leyland MD

The government’s Rs 20 lakh crore special economic package has the potential to be "sustainably beneficial" to all sectors of the economy and help revive commercial vehicle industry, in particular, Ashok Leyland MD and CEO Vipin Sondhi said on Wednesday. Prime Minister Narendra Modi on Tuesday announced a stimulus package worth Rs 20 lakh crore, which combines the government's recent announcements on supporting key sectors as also measures rolled out by the Reserve Bank of India (RBI). "While we await the details, the announcement of the reforms-cum-stimulus to the tune of 10 per cent of GDP… has the potential to be sustainably beneficial to all sectors of the economy," Sondhi said.

In particular, the commercial vehicle (CV) industry will stand to gain, he stated. The domestic automobile sector reported more than 18 percent drop in sales at 2,15,48,494 units and a 15 per cent decline in vehicle production to 2,63,62,284 units in FY20, according Society of Indian Automobile Manufacturers (SIAM) data. CV sales during this period declined 28.75 percent to 7,17,688 units year-on-year. The massive thrust on self-reliance, along with the focus on creating local demand, and resurrecting local supply chains should provide enough impetus to kick start the economy, Sondhi said. As the COVID-19 pandemic rages on, all these measures are the need of the hour and "more than expected, given the limited fiscal room that was available," he added. "With the pride of Make-in-India through quality, we look forward to a stronger, self-reliant India where everyone prospers," he said.


TRENDING

OPINION / BLOG / INTERVIEW

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...

COVID-19: Weighing up the benefits and limitations of edtech platforms

Edtech companies shouldnt focus on merely pushing contents, but to provide an interactive, effective teaching and learning environment. ...

Videos

Latest News

US holiday weekend adds to virus worries as case counts grow

Florida has reported a record number of coronavirus cases, the latest sign that the virus is surging in many parts of the United States, casting a pall over Fourth of July celebrations. Officials and health authorities warned people to take...

Yankees' Tanaka hit in head by Stanton line drive

New York Yankees right-hander Masahiro Tanaka was struck in the head by a line drive from teammate Giancarlo Stanton during the teams training camp on Saturday afternoon. Trainers and teammates immediately ran to the mound at Yankee Stadium...

Baseball-Yankees' pitcher Tanaka struck in head by line drive

New York Yankees pitcher Masahiro Tanaka is alert and is able to walk unaided after being hit in the head by a line drive off the bat of teammate Giancarlo Stanton, the Major League Baseball team said on Saturday. In a terrifying scene duri...

Lions' second-round pick Swift signs contract

Detroit Lions running back DAndre Swift signed his four-year rookie contract on Saturday, NFL.com reported. The total value of the deal is expected to be around 8.5 million with a signing bonus of approximately 3.8 million. Swift, who was s...

Give Feedback