Seshasayee further added that infrastructure project execution is likely to pick up once the National Investment Board (NIB) is in place. He further added that interest rate cuts will be a catalyst for improving confidence in future as the finance minister seems to be geared up for reviving the investment cycle.
However, Seshasayee is not very hopeful about significant changes in the market share in the near term.
Here is the edited transcript of the interview on CNBC-TV18.
Q: We were speaking to some of your two wheeler peers who pointed out that post this festive season reality is going to sink back in and it is looking like a tough next year in terms of sales. Would you agree with that opinion, is it going to be even tougher than this year has been?
A: It is going to be a tough year but, there is another way of looking at it. If you say that without any political policy interventions, positive interventions, without any kind of positive sentiment, without any of the external supportive we can have a datum level of growth at this level of 5 percent or so, we should celebrate. It can only get better. That is another way of looking at it.
But, nevertheless having said this, it is going to be a tough year primarily because of the sentiment issue, the political situation and the external situation.
Q: What's the mood like, has sentiment improved in these last few weeks now that we are beginning to see some kind of affirmative action from New Delhi or do you think it is not enough and it is just sentiment on the margin which is not enough to unlock the investment cycle?
A: You have said it; it is still on the periphery. We have to pull that in and that would mean some very decisive action from the political side. It should also be kept in mind that they have had a bad monsoon and the power situation being what it is, you can't expect dramatic changes in the mood also. But, if it is in the upward climb then I think we should celebrate.
Q: You have been part of some of the key industry bodies that have pointed out that infrastructure is the biggest laggard and the biggest problem point. On that specific area, do you sense any movement either in terms of a greater move towards clearing up projects or opening up new projects or even funds?
A: Frankly, no. I don't see any action on the ground which will give us the confidence that the infrastructure investment will be back very soon. That is a matter of concern and hopefully, something should happen after the National Investment Board (NIB) is in place.
More to come.
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