Buoyed by record sales in the previous fiscal, Maruti Suzuki India today said it expects to continue with the same momentum to clock a double-digit growth and has earmarked Rs 4,400-crore capex for 2016-17.
The company, however, said the auto industry will be up against unfavourable conditions such as foreign exchange rate, increase in commodity prices and ‘environmental lobby’ in the ongoing fiscal.
“We are taking forward Make in India programme with our manufacturing and we hope to grow in double digits in 2016-17. We are again setting a target of repeating double-digit growth despite the many challenges in the way. It's not going to be an easy year in any way," Maruti Suzuki India Chairman RC Bhargava told reporter here.
He further said that all the positive factors including the softening of commodity prices and foreign exchange rates are not that positive now as they were earlier.
The company has been focussing on increasing its manufacturing activities, localisation through more vendors and would continue the same this fiscal, Bhargava said.