Pawan Munjal, the Chairman and MD of Hero MotoCorp is of the view that the Modi government has taken some significant steps to improve the ease of doing business. “The government has quietly worked on the ease of doing business,” Munjal told BTVi. “India is experiencing strong economic growth,” Munjal said. He is of the opinion that the NBFC (Non-banking financial corporation) space remains ‘under-penetrated’. “Hero group strongly believes in financial inclusion,” he said.
Recently Munjal had said that it is “too early” to calculate the effect of GST on automobile prices. “It is too early to do calculations until (GST) Council fixes the rate. I have my doubts on the April 1, 2017 deadline for GST (Goods and Services Tax), though we have done our homework. Implementation of GST requires huge amount of digitisation, for which I have my doubts, can be completed in such a short span of time,” he had said.
Munjal has said that Hero MotoCorp is eyeing double digit growth in the current fiscal banking upon increased sales in the upcoming festive season. The company is also looking to start a new plant in Gujarat in the third quarter of this fiscal and another in Bangladesh. Globally, the country’s largest two-wheeler manufacturer is soon starting exports to Nigeria, Argentina and Mexico, he said. In August this year, Hero MotoCorp reappointed Pawan Munjal as its Chairman, Managing Director and CEO for a period of five years. The changes came days after Sunil Kant Munjal, the former Joint Managing Director of the company, announced his decision to leave Hero MotoCorp.