The first green shoots of recovery are beginning to appear in the Indian auto industry. I aended the annual Society of Indian Automobile Manufacturers (SIAM) Conference in New Delhi a few days back, and there is an unmistakable sense of opmism and energy amongst industry execuves. The reasons are many. The polical environment has achieved a degree of stability that has not been seen in almost three decades. There is a sense of purpose in the funconing of the Government, that is a refreshing change from what had been dished out during – what is being widely proclaimed as – ‘India’s lost decade’. Prime Minister Modi’s guiding principle – ‘Maximum Governance, Minimum Government’ – and his recent clarion call – ‘Come, Make in India’ – have hit the right notes with top industry execuves, and the posive senment is for all to see. The approaching fesve season will be a moment of truth. Whether the rapidly improving consumer senment results in buyers pung their hands in their pockets is a queson everyone is eagerly awaing the answer to. The inial signs are posive, with passenger car dispatches clocking year-on-year increase since four months in a row now. It has been a long, arduous journey to recovery for all industry stakeholders, and the next two months will tell if the wait has been worthwhile; if the recovery is real, and sustained, or merely a flash in the pan. The last couple of years have presented a great – if painful – opportunity to learn and reinvent the wheel for businessmen in the automove retail trade. I am sure there are automove dealers who have figured out beer, more efficient, more cost-effecve ways of running the business during this me of adversity. These are the dealers that will benefit most from the long- overdue recovery. A bullish market, combined with their learnings of managing costs and inventories will result in a business that is significantly healthier than it was before the downturn, and ever more resilient. I am reminded of the me American auto dealers emerged from the lows of the Global Financial Crisis with overall margins and profitability higher than ever before. If we can repeat that story in India now – that, for me, will be the real silver lining on the cloud of the last couple of years. Here’s looking forward to a fesve season full of success and cheer for all. Jayesh Jagasia Managing Partner & CEO Sewells Group India [email protected] RETAIL RECOVERY – REAL OR REEL? sewellsgroup.com