Revival of CV industry still some time away: Sundaram Finance

Though there were indications on the revival of the sluggish commercial vehicle industry, there was still some more time it coming in the growth path, according to a top industrial official.
"There appear to be a few early signs that the prolonged and severe slump in the CV industry could be bottoming out. However, the improvement in sales of commercial vehicle is still sometime away", Sundaram Finance Chairman S Viji said at the company's 61st Annual General Meeting held, here today.
On a cautionary note, he said the sales of passenger cars and utility vehicles exhibited some buoyancy recently, though it was too early to draw any conclusions.

He said the prospects for the industry growth would largely depend upon the policy measures announced by the Centre in the budget, particularly in the manufacturing sector and speedy implementation of stalled infrastructure projects.
He said containing the fiscal deficit, volatility in the international crude oil prices and below normal monsoon could still prove to be a stumbling block in the economy recovery.
On the company's performance, he said Sundaram Finance would continue to focus on maintaining asset quality, while awaiting the widely expected revival in the fortunes of the Indian economy.