Mr. Dheeraj Hinduja, Chairman of Ashok Leyland, is optimistic about the upcoming fiscal year, anticipating significant commercial vehicle (CV) growth. His confidence stems from the recent Budget announcement, which he believes will substantially boost the sector.

In a recent telephonic interview with Mr. Shine Jacob, Mr. Dheeraj Hinduja discussed the anticipated impact of the Budget on the CV industry, the potential inclusion of commercial vehicles in the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, and the company's strategic plans for the year.

FAME Scheme and Industry Growth

Mr. Dheeraj Hinduja expressed a strong desire for the government to include CVs in the FAME III scheme, which has traditionally focused on electric cars. "From our industry's perspective, we would very much like the government to include CVs as part of the scheme," he stated. "That would continue the growth momentum in the sector, with more people adopting electric vehicles at a faster pace. It is a common demand from the whole industry to include CVs as well."

He remains positive about the Budget's implications for the CV segment. "It seems to be a continued growth Budget, focused on infrastructure and construction. That is the perfect scenario for the growth of our industry," he explained. He noted that while business growth expectations are challenging to predict, the first quarter of the fiscal year has already shown a promising 10 percent increase. "Our company's market share remains at 31 percent, and we managed to retain it. Moving forward, we look to grow it further. Additionally, we are set to launch a new light commercial vehicle every two months this year," he added.

Resilience Amid Challenges

Addressing the impact of the Red Sea crisis on global supply chains, Mr. Dheeraj Hinduja reassured stakeholders of the company's resilience. "We have a strong risk management team, and these are factors we had considered. Therefore, the Red Sea crisis did not impact us," he said. He also mentioned that commodity prices have remained stable, which bodes well for the company's operations in the coming quarters.

Focus on Jobs and Skills

He also weighed in on the new paid internship programme announced in the Budget. "We had started the internship programme in our Pantnagar plant in collaboration with local colleges back in 2010. From what I understand, the government has left it to each corporate to see how they can contribute to this programme. Our support for this initiative continues with our local Blessing Scheme," he shared.

A Vision for the Future

​​Mr. Prakash Hinduja, Chairman of Hinduja Group, Europe echoed the sentiment of optimism, stating, "The Budget's emphasis on infrastructure and job creation aligns perfectly with our growth strategy. We are excited about the future and confident that our innovative approaches and new model launches will contribute to the industry's advancement."

With a promising outlook and a strategic focus on innovation and growth, Ashok Leyland is poised to make significant strides in the commercial vehicle sector this financial year.

About the Hinduja Group

The Hinduja Group is one of India's premier diversified and transnational conglomerate. Employing about 200,000 employees, with a presence across 38 countries, it has a multi-billion-dollar revenue. The Group was founded over a hundred years ago by Shri PD Hinduja whose credo was "My duty (dharma) is to work so that I can give." The Group owns businesses in Mobility, Digital Technology, Banking and Financial Services, Media, Project Development, Lubricants and Specialty Chemicals, Energy, Real Estate, Trading, and Healthcare. The Group also supports charitable and philanthropic activities across the world through the Hinduja Foundation.

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