Honda has been a strong brand name in the Indian market. The Japanese brand had recently announced impressive sales figures for the Amaze sedan that has been a preferred pick among 4-meter sedan buyers in the country. Moreover, the City sedan has also been a hotseller in its segment. With such impressive sales figures, Fumihiko Ike, Honda's global chairman yet considers the Indian automotive market as burdensome and complicated.
The investors expect the new government to change the scenario and undertake measures that improve poor infrastructure and taxation policies in the country. Ike, who also heads the Japanese Automobile Manufacturers Association (JAMA) is also of the same view. At the 54th annual convention held for Society of Indian Automobile Manufacturers (Siam), Ike emphasised on the need for the Indian government undertake necessary steps that can make the country an attractive destination for foreign investors and thereby ‘improve the business environment for investments’.
The new government run by Narendra Modi seems to be promising for international investors, speaking more on the meeting Ike said, “He has promised that red tape will be replaced by red carpet. This makes us optimistic on making investments.” BP Plc is the latest group that has been considering investments in India. Speaking more on the occasion Sashi Mukundan, regional president and head of country (India), BP Group said, “We are ready to go ahead with our first project which is probably a $4 billion project. We are getting ready to potentially move that forward (but) are waiting for the gas price decision. So, is that frustration, yes because it was decided last June 2013.”
