NEW DELHI: Hero Moto chairman Pawan Munjal said on Thursday that the proliferation of electrics is “inevitable” and movement towards green vehicles would form a large part of the future investments that will be made by the company.
And while talking about the Indian economy and per capita income, he said that the government needs to focus more on creating jobs while spending on infrastructure development.
Speaking at the Times Network India Economic Conclave, Munjal said demand is building up in the automobile industry, and added that “things will start looking up” from April.
However, he added that government support is needed for the industry to make a credible and strong bounce-back. “The government has initiated a number of steps with the long-term in mind. I also want ‘here and now’ stuff, especially in the current situation where we want the customers to come back. We want support from the government to get the demand back.”
Munjal said that Hero Moto has been working towards strengthening the premium portfolio and global business of the company, and said that growing exports is a critical agenda for the company.
The company recently announced production of 100 million vehicles, and Munjal said that the next 100 million would come by the close of this decade. “For the first 50 million, we took 29 years, while we completed the next 50 million in seven years. The next 100 million will happen in this decade. There is a market, and customers are out there. The penetration of two-wheelers is still low.”
Speaking about trends, he said that digitalisation and technology will play a crucial part over the next decade. “Customers want to be connected. Everything is on cloud. The big disruptor will be technology. We all have to move in that direction.”