Demand is still high in auto sector: Hero Honda chairman

February 21st, 2009 - 10:43 pm ICT by IANS  

New Delhi, Feb 21 (IANS) Despite the global economic slowdown, India’s auto industry will continue to grow as demand is still high and there is no shortage of raw materials, Hero Honda Group chairman Brij Mohan Munjal said Saturday.
“The economic environment in the country is conducive for the growth of the auto industry. The demand is still there and there’s no shortage of raw materials,” Munjal told reporters on the sidelines of a function here.

He added that industry faced shortage of funds in the wake of the financial crisis. “But now, with the government directing banks to lend to industries, the growth story will continue,” he said.

According to Munjal, the overall economic scenario might take some time to revive and “it’s difficult to comment on an exact timeline”.

He added that Hero Honda group has had three successive quarters of robust growth.

“The group is hopeful of continuing the high growth story in the coming quarters,” Munjal said.

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