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BUSINESS SENTIMENT

SURVEY FY2017
A MIXED BAG OF OPTIMISM
AND CAUTION

BUSINESS
SENTIMENT
SURVEY FY2017

Editors Note

GROWTH ON THE HORIZON 


BUT POLICY CHANGES MAY IMPACT
Dear Readers,
Please accept my gratitude for taking time out and
giving your valuable input for ETAuto Business
Sentiment Survey 2016-17.
We felt this was the time to get your feedback on the
outlook for the fiscal year, as you were fresh out of the
plans and strategies which were chalked out following
painstaking contemplations and discussions in your
boardrooms and annual meetings.

Nabeel A Khan
Editor, ETAuto

ETAuto Business Sentiment Survey FY2017,


conducted online, received 1,004 responses from
across the value chain in the automotive space, such
as OEMs, component industry, dealerships and a few
allied segments like consultancies, research firms,
machine tool makers and service providers. Nearly a
quarter of the respondents were chairmen, directors,
presidents, vice presidents and other CXO-level
executives, making this one of the most authentic and
imperative studies in the sector.
The findings were mixed.
In terms of investment, the survey draws a healthy
picture. Investments are expected grow 5-10 percent
compared with the past fiscal year. Most of the
respondents felt that the passenger vehicle segment

is expected to grow between 5 percent and 8 percent


during FY2017. Expectations of a better monsoon this
year are set to drive tractor sales northward.
As much as 62 percent of the respondents see
adverse impact on the industry from the additional cess
announced in the Union Budget. Hiring is expected to
grow in a low single digit this fiscal year.
One of the surprise findings was that, despite a
slowdown in sales, manufacturers in the two-wheeler
segment had better capacity utilisation in the past
fiscal year compared with those in the passenger
vehicle space.
Most of the respondents showed nervousness due
to frequent changes in policies, especially related
to taxation and diesel regulations that have brought
major volatility in the industry.
With an intention to provide the best insight for the
industry and help it prepare to face the challenges, we
have collated the response into a detailed report. Hope
this will help you make the journey ahead successful.
Wish you happy reading!

nabeel.khan@timesinternet.in

CONTENT
1. Introduction

6. Expected Investments

13

2. Methodology 

3. Respondents

7. Employment
7.1 Hiring
7.2 Firing

16
16
17

4. Ten Key Findings

8. Capacity Utilisation

18

9. Exports Growth

20

10. Impact of Policy changes

21

11. Electric Vehicle Growth

22

5. Automotive Industry Outlook


5.1 Passenger Vehicle
5.2 Commercial Vehicle
5.3 Tractors
5.4 Two-wheelers

10
10
11
11
12

IN
INTTRO
RODDUC
UCTTIO
IONN

inancial Year 2016 has ended and new targets and plans have been set
for FY 2017. At this time, ETAuto Business Sentiment Survey FY2017, has
attempted at gauging how the automotive industry stakeholders see the
sector progressing in this fiscal year.

The survey takes into account all aspects that have a telling impact on how the
industry will pan out in the next 10 months, like the capital investment, expected
hiring in industry as well as by individual companies, overall growth in different
automotive segments and also how the recent policy upheavals will impact the
industry going forward.

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

METHODOLOGY
W

e adopted electronic mail and online methods to get the


responses on the survey. The survey took off with the survey being uploaded on ETAuto.com on May 6. The survey
was also sent to all the esteemed mid to top level readers
of ETAuto the same day. The survey was open for six days and responses were accepted till May 12.
The questions put in the survey were carefully framed keeping
in mind all sections of the automotive industry. However, A total
of 11 questions were asked covering entire value chain of the

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automotive industry.
The respondents also gave their opinions and suggestions through
the remarks section which have proved valuable to us in gauging the
mood prevailing in the industry at present and also where the industry
stakeholders, you, see the industry heading to.
From May 13, our team started collecting and analysing the responses
and data collected from the survey. Then responses were collated and
analysed and is being produced here as ETAuto Business Sentiment
Survey FY 2017.

RESPONDENTS
Which part of auto Industry
do you belong to?

Respondents
profile

Auto Component Manufacturer


32.6%

OEM
Other

Others

Mid Level

16.8%

25%

28.8%

30%

21.9%

ET

Auto Business Sentiment Survey FY 2017 attracted responses


from 1004 readers from original equipment manufacturers
(OEMs). auto component industry, dealerships and a few
other allied segments like consultancies, machine tool
makers and service providers. The responses came from people at mid
management, senior management level to industry heads.
The most number of respondents, 32.6 percent, came from the auto
component industry. Second highest participation was from the vehicle
manufacturers which accounted for 28.8 percent of the total respondents,
followed by allied segments (others) and dealership with 21.9 percent and
16.8 percent participants respectively. Some of the biggest automotive

Top
Management

Managers

companies to which the professionals belonged to included Hero


MotoCorp, Tata Motors,Maruti Suzuki, Mahindra & Mahindra, Gabriel India,
Volkswagen, Ford India, MRF, TAFE, Jaguar Land Rover, Sona Group,
Motherson Sumit, Rober Bosch, ZF, Volvo India, PwC, Deloitte, EY etc.
The respondents included professionals right from manager level to mid
management, senior management level and also industry heads. Nearly
25 percent of the respondents were CXOs, Directors, Presidents, Vice
Presidents and Chairmen of companies across the value chain. Another
37 percent were people in mid level position and higher like assistant
general managers, deputy general managers, business heads. We also
had industry consultants, experts and editors taking part.

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Dealership

37%

8%

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

The commercial vehicle sales is expected to grow between


8-10 percent in FY2017 even as over 60 percent of respondent
projected above 5 percent growth for the segment, which
includes 16 percent, of the respondent who felt that CV sales in
India will grow in the range of 10-15 percent.

About 31.3 percent of the total respondent believed


that the passenger vehicle sales will cross the FY
16 growth of 7.2 percent. While nearly 35 percent of
the respondent expected passenger vehicle sales to
grow by 5-8 percent in FY2017.

27 percent of the people who gave their inputs for the


tractor segment, said that they expect a growth of
5-8 percent in domestic sales in this fiscal year.

Only about 21 percent of the respondents said that


they will invest Rs 200 crore and above in R&D,
while 60% of the respondents say they will invest
less than Rs 50 crore in R&D in FY2017.

For the overall automotive industry, the investments


are expected to be 5-10 percent higher than the
investments made in the last fiscal year.

Survey suggested that capacity utilisation was lower


in passenger vehicle and commercial vehicle than even
two-wheelers, a segment which performed worse than
both the former segments.

62 percent of the percent of the people said that


there will be impact of additional cess announced on
passenger vehicles in Union Budget 2016.

Majority of the respondents said that there


will be no job cuts this year.

Hiring, on the other hand, too is expected to


stay in low single digits for FY 2017.

9
10
9

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60 percent respondents think that the growth


will be minimal in electric car segment.

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

AUTOMOTIVE
INDUSTRY OUTLOOK

The lean period for most segments that started post 2012,
seems to have come to end. In FY 2016, no segment reported a
de-growth over previous fiscal year. In fact, what is interesting
to note is that the segment which registered a negative sales in
FY 2015, commercial vehicles (CV), saw the highest growth in
sales in FY 2016. CV segment de-grew by 2.8 percent in FY 15
but grew by 11.5 percent in the recently concluded fiscal.

What kind of growth do you expect in sales in FY 2017?


PASSENGER VEHICLE
Passenger vehicle (PV) segment, on the other hand, is expected to grow between
5-8 percent during FY 2017 as close to 34 percent (highest) of the participants
chose this option. Even SIAM has forecast 6-8 percent growth for the segment,
which is lower than its earlier prediction of 11 percent. Only 31.3 percent believed
that the PV industry will cross the FY 16 growth of 7.2 percent and grow above
8 percent.

34.7

22.5

The fact that over 33 percent feel that growth in PV segment will be less than
5 percent, with a negligible (5.5% of the respondent) even forecasting a negative
growth, it is clear that the segment is still not completely out of the woods yet.
FY2016 saw some of the biggest launches in PV space. Many experts believe,
was the reason for the growth for the segment through the last fiscal year.

18.9

9.3

PASSENGER VEHICLE
(Cars & SUVs)

8.7

5.5

Figures in percentage

Negative

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10

0-2%

2-5%

5-8%

8-10%

10-15%

For the growth to sustain, this year to will have to have equal number of
important launches. Some of the players who have lined up product for launch
this year include Tata Motors, Honda Cars, Volkswagen.
One of the respondents in the remarked that With enthusiasm in the market
observed in April sales and good monsoon predictions, expect close to double
digit growth in the Sector.

TRACTORS
Figures in percentage

27.3
24.5
24.8
23

16.7

15.8

19.9
16.4
7.6

COMMERCIAL VEHICLE
(MHCV & LCV)

7.8

10.1

Figures in percentage

5.4

Negative

Negative

0-2%

2-5%

5-8%

8-10%

10-15%

0-2%

2-5%

5-8%

8-10%

10-15%

TRACTORS

Only 16 percent believe that the growth will be between 10-15


percent. There were 15 percent of the respondents who felt that the
growth could taper down to either between 0-2% and even negative.

Close to 48 percent believe tractor industry will stay in growth range


of less than 5 percent, nearly 7 percent of whom thinks it will continue to
remain in negative.

The industry prediction, however, is that CV segment could be one


of the fastest growing segment in FY 17, primarily due to the bulk
buying which is expected before the BS-IV emission norm gets mandatory across the country.

But the forecast for good monsoon has pushed up the hopes of a few
stakeholders in the industry. 24 percent of the respondents felt the sales
volume would be significantly higher, between above 8 percent, than what
has been seen in the last year.

COMMERCIAL VEHICLE

11

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Maximum number of respondents, over 24 percent, feel that this


year the growth in CV segment will be somewhere between 2-5 percent. While second highest, 23 percent of respondents felt that the
growth will be slightly higher between 8-10 percent.

One of the worst performing segments in automotive industry for the last
two years has been the tractor which has been left crippled by belownormal monsoon for three consecutive years. However, it is predicted to
get better as this year the monsoon has been forecast to be better than
normal. Over 27 percent of the people who gave their inputs for the tractor
segment, said that they expect a growth of 5-8 percent in the tractor
segment.

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

TWO WHEELER
(Motorcycle & Scooter)

MOTORCYCLE

SCOOTER

29.4
26.5
24.5 25.2

24.7
21.8

21.6
18.5

23.7

17.4

15.4
11

9.4

7.6
3.3

2.2

Negative

TWO-WHEELER
The responses for two-wheeler segment,
especially the scooter segment, mirrored what
has been happening for the last couple of years.
Scooters are again expected to outperform
the motorcycle segment as 50.6 percent of the
respondents feel the scooter segment will grow
by over 8 percent as against 39.4 percent of the
respondents for motorcycles to grow by over 8
percent. While about a quarter of the respondents
felt that motorcycle sales in India grow above 5

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12

0-2%

2.7

2-5%

5-8%

percent but below 8 percent in India.


The survey asked for growth prospects
separately for motorcycles and scooters as
both these segments today represent a different
set of buyers. While scooters growth will talk
more about prospects in urban and semi-urban
markets, motorcycle segment sales will throw
light more on the rural side of India.
With over 14 percent of the respondents expecting
the growth for motorcycles to be between 10-15

8-10%

Figures in percentage

14.1

10-15%

percent, gives a clear indication that some pockets


of rural markets will spring back to buying mode
this year. The bad news is that equal number of
people are of the view that the growth will either be
negative or less than 2 percent.
For the overall two-wheeler segment,
maximum respondents felt that the entire twowheler industry too will grow between 8-10
percent. Given that this years growth was just 3
percent, the segment is expected to pick up pace
significantly.

Even though growth is expected to return to all


segments of the the automotive industry, the overall
investments is expected to be still in low single digits.
Maximum number of respondents said that they dont
see their investments crossing Rs 5 crore mark.

EXPECTED
INVESTMENT

n R&D/Design, nearly 27
percent people said that their
investments will be between
Rs 2-5 crore. The second
highest number of people, over
21 percent said that investment
would range between Rs 5-20
crore in R&D. However, what
was interesting that nearly 16
percent people said that the
investments in R&D will be above
Rs 200 crore. This percentage
(of people investing more than
Rs 200 crore) is highest among
all other parameters including
capacity expansion, Automation
and Merger & Acquisition (M&A).

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13

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

How much do you expect to invest in FY 2017? (in Rs)


28.8
25.1
22.4

18.9 19.1

15.8

15
12.2

13

9.4

11.1
8.6

27.1

27.1

CAPACITY EXPANSION
21.1

2-5cr
15.9
13.7
10.4

>>>

5-20cr

20-50cr

50-100cr

100-200cr

>200cr

18.4
16
13.5

11.4

R&D/DESIGN

14

AUTOMATION

M&A

12.9

11.7

How do you look at the overall investment growth by


automotive industry in FY 2017 over the previous year?
Overall Investments
Figures in percentage

4.1%

0-5%

29.4%

5-10%

44.7%

10-20%
4.3%
1.1%

In all other parameters also, like capacity


expansion, Automation and Merger & Acquisition
(M&A) maximum respondents said that their
investment will be between Rs 2-5 crore, it is
note that the component industry dominated
the no of respondents. While for capacity
expansion, number of respondents in Rs 2-5
crore investment category stood at 25.1%, for
automation and M&A, it was at 28.8 percent and

20-30%
>30%

27.1 percent respectively.


In capacity expansion, equal number of
respondents, 19 percent, said that their
investments will either range from Rs 5-20 crore
or Rs 20-50 crore. Among all the parameters,
capacity expansion saw the highest number of
respondents, thus most number of industry will
be looking at expansion.
Looking at the number of respondents for the
M&A investments, which was far lesser than for
other parameters, it appears that there will not
be a lot of M&A activity in Indian auto industry

this year. Even among the respondents, only


one-tenth of the respondents said that there
will investment of more than Rs 200 crore.
For the overall industry, the investments are
expected to be 5-10 percent higher in FY 2017
than the investments made in FY 2016.
Our customers sentiment, OEMs, tier-1s
and tier-2s, is more towards buying capital
equipment as compared to last year. But trend
is towards automation which means no growth
of jobs, said one of the respondents who is into
capital equipment manufacturing.

15

>>>

17.4%

This expected investments in R&D are in


alignment with the Make in India initiative that
has been one of the most popular visions of the
incumbent Narendra Modi government.

Negative

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

HIRING
AND FIRING

As far as employment generation goes, let us give the news that will
settle the nerves first. Not many people need to worry as very few job
cuts are expected this year. Automobile industry employs nearly 32
million people directly and indirectly and any amount of change will
have a major impact on the overall employment scenario of the country.

R&D

Sales & Marketing


0%

0-5%

5-10%

10-15%

5.1

12.8

Figures in percentage

31.1

Mid Level

10.1

11.6

8.2

4.7

11.2

19.7

31.7

32.1

32

44

Shopfloor

13.6

4.6

12.7

29.5

28.8

40.8

42.5
11.2

47.8

How do you look at your hiring in FY 2017 compared


to previous year?

Top Management

>15%

HIRING

industry, 29 percent feel that hiring would hover between 5-10 percent.

Hiring for FY 2017, on the other hand, is expected to stay in low single
digits of 0-5 percent. Maximum respondents said that across all areas
like shopfloor, R&D, sales & marketing and levels like mid-level and top
management, hiring will be between 0-5 percent.

However, it is in mid level that there is most optimism about hiring as


nearly 32 percent respondents, highest among all other segments, see
the hiring to be between 5-10 percent. Hiring being above 15 percent was
the least favorite option for all the segments .

At top management level, nearly half the respondents said that the hiring
will be between 0-5 percent. The second-highest number of respondents,
31 percent said that there will be no hiring at the top management level.

In Automotive Mission Plan 2016-2026, it has been envisioned that


50 million additional jobs in the next 10 years. If this number is to be
achieved, the industry will have to quicken the pace of its hiring in the
coming years.

In Shopfloor, where a large number of people are employed in the auto

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16

Shopfloor

R&D

0-5%

5-10%

10-15%

Figures in percentage

0.8

5.1

6.6

32

Mid Level

0.8

2.8

11

Sales & Marketing


0%

55.2
33.4

1.5

7.4

28.5

51.8

59.4
0

1.8

23.3

1.2

2.1

8.6

32.5

55.3

67.8

Do you expect job cuts in the FY 2017?

Top Management

>15%

FIRING

were 55%, 59%, 52% and 55% respectively.

Majority of the respondents said that job cuts at their organisation will
be 0%. It was in R&D that highest number of people, over 67% said that
there will no job cuts at all. This gives a clear indication of the increasing
emphasis of auto industry player on research and development in India.
This further complements the earlier finding that a good number of
people will invest more than Rs 200 crore in their R&D setup.

Along with R&D, automation is another aspect that a lot of automotive


companies are focussing on. The increasing automation has time and again
raised questions on the impact on employment especially on shopfloor.
The survey also points in the same direction as a good chunk, nearly 32.5
percent, of respondents said there will be 0-5% job cuts on shopfloor.

In shopfloor, sales & marketing, mid-level and top management, the


number of respondents who said there will be no pink slips this year

Even in middle management, 33 percent of respondents said that 0-5%


job cut can be expected during financial year 2017.

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17

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

CAPACITY UTILISATION
According to the responses received on ETAuto Business Sentiment Survey FY 2017, the capacity utilisation has been below average.

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18

Nearly 37 percent of the respondents in


the PV segment said that their utilisation
was between 55-70 percent and another
28.8 percent said that the utilisation was
70 to 85 percent.
However, the positive point is that a
high number of respondents expect this
utilisations to go up. 34.5 percent of
respondents for two wheeler segment
and 36.8 percent for CV segment expect
the increase in capacity utilisation to be
between 0-5 percent. In PV segment,
however, maximum number of people
(39 percent) think increase in capacity
utilisation will be between 5-10 percent.

Figures in percentage

2W/Component

PV/Component
45-55%

55-70%

70-85%

CV/Component
85-100%

The average capacity utilisation is excepted


to increase by how much in FY 2017?
Figures in percentage

What is surprising, however, is that this


number was even lower in passenger
vehicle and commercial vehicle segment,
two segment which have performed much
better than the two-wheeler segment. For
both the segments, the number of people
who said their utilisation was more than
85% was just about 11%.

What was your average capacity


utilisation in FY 2016?

2W/Component

PV/Component
Negative

0-5%

5-10%

10-20%

CV/Component
>20%

19

>>>

nly 16 percent of the respondents


in the two wheeler segment, both
OEMs and component makers
included, said that their capacity
utilisation was more than 85%.
In two-wheeler segment maximum
respondents, which is around 29 percent,
said that the capacity utilisation during FY
2016 was either 55-70 percent or 70-85
percent.

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

EXPORTS GROWTH
Exports have been one of the main stay for automobile industry in times of
falling domestic demands and maximum respondents feel, it will continue to
be so. Over 40 percent people who gave their inputs for the question said that
the exports will continue to grow between 0-5 percent in FY 2017.

By how much do you see your export


growing this year compared to last year
Figures in percentage

Negative

8.5 %

0-5 %

40.1 %

5-10 %

34.5 %

10-15 %

17.7 %

owever, an almost equally strong section also thinks that the


growth in exports will be much higher. 35 percent people said that
the exports will grow between 5-10 percent. Only 8.4 percent said
that exports will go down for them.

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20

With the Make in India initiative being in the spotlight, exports in the
industry is expected to show a growth in FY 2017.

IMPACT OF

POLICY CHANGES

n the Union budget 2016 it was announced that Petrol/LPG/


CNG driven motor vehicles of length not exceeding 4m and
engine capacity not exceeding 1.2 liter will be taxed at 1
Percent; diesel driven motor vehicles of length not exceeding
4m and engine capacity not exceeding 1500cc will have an
additional cess of 2.5 percent; and infra cess for other higher
engine capacity cars and bigger sedan, and SUVs have been fixed
at 4 percent.

Yes

62.4%

26%

Minor
Impact

This, the industry stakeholders said, will have an impact on the


growth of the industry in this year. 62 percent of the percent of the
people said that there will be impact, while 26.6 percent said the
impact will be minor on sales. Only 11.4 percent said that the policy
changes will bear no effect on the industry.
Many of the remarks received on the survey also spoke about the
need for the policies to be more consistent.

21

>>>

Will the policy


changes, like
additional
infra & luxury
cess, impact
vehicle sales

No
Figures in percentage

The frequent changes in policy,


especially related to taxation and
diesel regulations, have been
some of the most contentious
issues in the recent past for the
auto industry. What was turning
out to be a favorable Union budget
for the industry with impressive
thrust on rural development,
turned out to be not so pretty as
additional infrastructure cess
on all PVs and luxury cess (on
PVs above Rs 10 lakh) were
introduced.

11.6%

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ETAUTO BUSINESS SENTIMENT SURVEY FY2017

ELECTRIC
VEHICLES

Electric vehicles have been the buzzword in the industry around the world
and slowly they are taking roots here in India as well. Last year, Government
introduced a subsidy scheme called FAME Scheme (Faster Adoption and
Manufacturing of Hybrid & Electric Vehicles) under which it earmarked
Rs 795 crore for two years. The scheme,it seems, did have an impact as the
sales grew by 37.5 percent in FY 16 to 22,000 unit.

How do you see growth of electric vehicles in India

Figures in percentage

19.1 %

4.7%
60.7%
15.5%

No Growth Minimal(20%)
Good(35%) Rapid (50%)

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22

owever,
not
many
believe that this growth
can be sustained in
FY 2017 as almost 60
percent respondents think that
the growth will be minimal around
20 percent as compared to sales
in FY 2016. Only 20 percent of
the participants think that the
growth will be either good (35
percent) or Rapid (50 percent).
Rest 19 percent are of the
view that status-quo in electric
vehicle sales will be maintained
in FY 2017.

CONCLUSION

The consensus is that for FY 17, the growth will float


around in the high single digit except in commercial
vehicle where the growth is expected to be between
2-5%. This verdict is a little off from the general
perception that, due to the stricter emission norms
coming into effect from April 2017, there will be a lot
of pre-buying in the second half of the this fiscal. The
result is also surprising because even this year the
growth percentage was highest in commercial vehicle.
The survey responses we believe take into account
the monsoon forecast for this year, which is predicted
to be above normal, and reflects in the expected growth
of 8-10% and 5-8% for both two wheeler and tractor
segment respectively.

The expectation of investment growth is also in tune


with the growth expectancy of single digit. However,
what is interesting and heartening to see is that, the
industry is open to investing more in the Research &
Development segment. Percentage wise, the number
of respondents who were willing to invest more than Rs
200 crore was highest in the R&D and design segment.
The survey results related to the employment has
come out as a bit of a mixed bag. While not a lot of job
cuts are expected during the year, the hiring will see
only muted growth of 0-5 percent. The reason, as one
of the respondents said in the remark section, will be
the growing automation on shop floor.
Maximum number of respondents also opined
that the policy inconsistency and increased taxation
will take its toll on the industry growth. Overall, the
industry is optimistic about most segments of the
industry heading in the upward direction in the current
financial year.

23

>>>

he result of the survey underscores the


fact that although most of the automotive
segments showed growth during the year,
there is still a wait and watch attitude among
the industry stakeholders in the current fiscal 2017.

>>>>>>>

ETAUTO BUSINESS SENTIMENT SURVEY FY2017

e
v
i
F
Top
s
k
r
a
Rem
1. In auto component space - continuous expansion in product portfolio
to deepen our stakes with OEM will be key to success But even though,
the predictions may vary depends on monsoon, govt policies and
even political changes will massively affect the industry.
2. Automobile companies should hire from the technical institute for auto
engineering for industry development-as a csr activity.
3. Diesel ban should be avoided. Focus on skill development and taxes
(manufacturer, road and levies) on electric vehicles should be removed.
4. Both industry & Government need to have concrete year wise targets
for Make in India.
5. Over all there will be growth in the automobile industry as a lot of
new launches are happening this in the passenger vehicle segment,
especially petrol vehicles.

SURVEY QUESTIONS
Q1. Which part of auto industry do you belong to?
Q2. What kind of growth do you expect in sales in FY 2017?
Q3. How much do you expect to invest in FY 2017? (in Rs)
Q4. How do you look at the overall investment growth by automotive industry in FY 2017 over the previous year?
Q5. How do you look at your hiring in FY 2017 compared to previous year?
Q6. Do you expect job cuts in the FY 2017?
Q7. What was your average capacity utilisation in FY 2016?
Q8. The average capacity utilisation is expected to increase by how much in FY 2017?
Q9. By how much do you see your exports growing this year compared to last year
Q10. Will the policy changes, like additional infra & luxury cess, impact vehicle sales
Q11. How do you see growth of electric vehicles in India

Follow us on
@ETAuto

ETAuto Team

Amit K Gupta, Business Head


Nabeel A Khan, Editor
J Srikant, Principal Correspondent
Deepanshu Taumar, Correspondent
Pooja Chatterjee, Correspondent
Keshav Kumar, Product Manager
Md. Shahbaz Khan, Product Manager

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