Wagh, Chairman of CII-ICVC (Indian Commercial Vehicle Conclave) emphasised the transformative juncture at which India's CV industry stands.
At a recent event in the national capital, he highlighted that India's urban population is expected to reach 600 million by 2031, driving increased demand for CVs in sectors such as construction, logistics and public transportation.
Projected GDP growth of 6-7% and initiatives like 'Make in India' are further boosting demand for both heavy and light CVs.
Wagh hailed the National Logistics Policy and the PM Gati Shakti initiative, as these will lay down a framework for a significant reduction in logistics costs.
According to Nishant Arya, Vice Chairman and Managing Director, JBM Group, the global transportation sector accounts for approximately 24% of direct CO2 emissions from fuel combustion and, therefore, "it becomes our shared responsibility to address this serious concern by use of technology, transition to alternate and green fuels."
According to the Federation of Automobile Dealers Associations (FADA), the retail sales of automobiles in the country registered a 9% growth in the April-June quarter in FY25, compared to the same period last year.
Commercial vehicle retail sales witnessed a marginal increase at 2,46,513 units as against 2,44,834 units in the same period last year.
"Commercial vehicle segment experienced a slowdown due to the elections and a pause in infrastructure projects. In April, elections dampened sentiment, causing delays in expansion plans," said FADA president Manish Raj Singhania.
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