'GST 2.0 To Back Middle-Income; Govt Schemes Boosted EV Sales': TVS Chairman

The goods and service tax, PLI schemes and PM e-drive initiatives have significantly boosted electric vehicles consumption, with electric two-wheeler sales touching around one lakh per month, according to Sudarshan Venu, Chairman, TVS Motor Ltd.

On GST 2.0 reforms, Venu told NDTV Profit that the government has rightly focused on many of the sectors impacting the common man's consumption basket, thereby supporting middle-income and middle-class consumption to grow.

Venu highlighted that, TVS is witnessing strong bookings, registrations and a lot of interest. "A lot of the sales will happen after Sept. 22, once the auspicious period begins and the GST rate transitions take effect. The buzz is already there, you can feel the energy at the showrooms," he said.

The government has also encouraged on other sustainable and green fuels, like CNG, ethanol and hybrids. "We already have CNG in three-wheelers and it will be coming on two-wheelers soon," he said. "TVS is committed to blended fuels and green push. We have launched some interesting products already, and now 'Orbiter' will hit the market as well," said Venu.

He added that, TVS has already showcased Jupiter on a CNG, which will launch soon. ''There are other products like an Ethanol Apache in the works. Products based on blended fuels like CNG and ethanol are all in works," he noted.

Venu further highlighted that, the exports have been strong, newer markets like Turkey and Middle East are key growth areas. "It is a unique and special time in India's history, where we are the fastest growing economy," he said.

Over the past decade, bold reforms have transformed India from a 'fragile five' economy to one of the world’s top performers, Venu remarked.

"The first reform was GST itself, which brought one tax across the country. Along with UPI, it facilitated massive digital payments, making India a leader in financial payments," he said.

One of the strongest pillars of India's Growth Story, according to Venu, has been the emergence of the middle class.

"We are seeing many consumers upgrade and buy better products. With the cut in GST, there will be higher consumption of many products, including two-wheelers—which will drive growth," he added.