The President of India, Droupadi Murmu, has posthumously conferred Padma Vibhushan, one of the highest civilian awards, to Late Osamu Suzuki, Former Chairman, Suzuki Motor Corporation and Former Director & Honorary Chairman, Maruti Suzuki India, in a formal conferment ceremony at the Rashtrapati Bhawan in New Delhi on 28 April 2025.

The Padma Vibushan was conferred to Osamu Suzuki for his outstanding contribution in the field of trade and industry. The award was accepted by Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation on behalf of his late father.

Toshihiro Suzuki, said, “My sincere gratitude to the Honourable President of India and the Government of India for awarding the prestigious Padma Vibhushan to my father, Osamu Suzuki, Former Chairman, Suzuki Motor Corporation. I have just received this high-level award on his behalf, and I am deeply honoured. I believe he is, from heaven, looking back fondly on the 45 years he spent with India, his second home.”

“This award goes not only to my father, but also to all the people who have worked at Suzuki, Maruti Suzuki and all our business partners, who have supported us in this journey. My father must be feeling very proud today. I am also feeling extremely proud to receive this award. All the employees at Suzuki and Maruti Suzuki and our business partners must be feeling proud of this recognition. This award also expresses thanks to the ‘love of Indian people towards Suzuki’. This award belongs to all of you.”

“We, at Team Suzuki, will carry forward the commitment of Osamu Suzuki with the same passion to bring inclusive and sustainable mobility solutions that will be loved by the people of India,” he added.

Osamu Suzuki played a key role in driving the Indian automotive industry, especially the passenger vehicle segment. Under his leadership, Maruti Suzuki began manufacturing passenger vehicles with around 100,000 units per annum capacity in 1983.

The company is now one of the largest passenger vehicle manufacturers not just in India, but globally.  It was last year that the company reached a cumulative production milestone of 30 million units, an annual production of 2 million units and exporting over 3 million units cumulatively today.

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ICRA, a leading rating agency, has released a report stating that toll collection growth on national highways across India is projected to increase between 10 percent and 12 percent in 2027-28, up from an estimated 7 percent to 9 percent in 2026-27.

The projected recovery follows an expansion of 10 percent in 2025-26 and is expected to be supported by toll rate revisions alongside stable traffic growth of 4 percent to 5 percent.

The anticipated rise in toll rates in 2027-28 reflects movements in Wholesale Price Index inflation. Toll rate growth is projected at 6.2 percent to 6.4 percent for newer projects linked to December index figures, and 4.5 percent to 5.5 percent for older projects linked to March figures.

Suprio Banerjee, Co-Group Head, Corporate Ratings at ICRA, said: “Traffic growth on national highways largely moves in line with the gross value added (GVA) of construction, mining and manufacturing (CMM). GVA growth of CMM has increased by a notable 8.1% in 2025-26. Consequently, traffic on national highways witnessed a healthy growth of 6%. Coupled with a toll rate hike, toll collections increased by 10% in 2025-26. ICRA estimates the GVA growth of CMM to remain at 7-8%, which is likely to entail traffic increase of 4.5-5.5% in 2026-27, albeit partly impacted by export-related traffic challenges. This, coupled with a relatively lower toll rate revision of 3.4-4.0%, is likely to moderate toll collections growth in 2026-27. Thereafter, supported by a higher toll rate revision in 2027-28, toll collection growth is expected to increase to 10-12%.”

It further finds that road execution by the Ministry of Road Transport and Highways is expected to remain between 9,000 km and 9,500 km in 2026-27, compared to 9,380 km recorded in 2025-26.

Project execution during the first quarter of 2026-27 was affected by increases in bitumen prices and supply disruptions linked to events in West Asia. While, project awarding activity by the Ministry declined to approximately 7,000 km in 2025-26 from 7,538 km in 2024-25, following focus on land acquisition and environmental clearances prior to project allotment.

Budgetary allocations are expected to increase project awarding to between 8,000 km and 8,500 km in 2026-27.

Engineering, procurement and construction contracts accounted for 65 percent to 70 percent of total project awards in recent years, while hybrid annuity mode contracts represented 25 percent to 30 percent.

ICRA projects the share of hybrid annuity contracts to be between 24 percent and 26 percent in 2026-27, as projects exceeding INR 5 billion are directed toward hybrid annuity or toll models. The Ministry has introduced a revised model concession agreement for build-operate-transfer toll projects, featuring revenue support mechanisms during traffic shortfalls and termination provisions.

Bidding discounts for engineering, procurement and construction projects averaged median levels of -30 percent in 2024-25 and -35 percent in 2025-26, while hybrid annuity projects recorded median discounts of -16 percent and -19 percent over the same period. To address bidding margins, performance security norms were updated in June 2026, alongside plans for bundled highway project allocations.

Banerjee added, “The moderation in road execution is primarily attributable to the sustained slowdown in project awarding activity over the past three years. Consequently, road construction activity slowed down in 2024-25 and 2025-26, and ICRA expects road execution to remain in the range of 9,000-9,500 km in 2026-27. The Ministry’s move to revive the BOT (Toll) road projects through the revised model concession agreement is a welcome step and is expected to support increased private sector participation in the roads sector. However, the extent to which it translates into a meaningful revival in construction activity remains to be seen. Despite stricter bidding norms and the expected bundling of project awards, competition in the sector is unlikely to come down unless project awarding activity picks up materially.”

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JSW MG Motor India, one of the leading passenger vehicle manufacturers, has announced the appointment of Parth Jindal as its new Chairman, effective immediately.

Jindal has been instrumental in the company’s strategy since the formation of the joint venture between JSW Group and MG Motor India. He has been closely involved in the product strategy, localisation and manufacturing expansion for the automaker in India.

At present, Jindal also serves as the Managing Director of JSW Cement and JSW Paints. He is also the Chairman of JSW Dulux, Chairman of JSW MG Motor India and a Director on the Board of JSW Energy.

In addition, he is the Founder of JSW Sports and Chairman and Co-Owner of the Delhi Capitals.

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Bengaluru-based electric vehicle maker Ola Electric has received a sanction order from the Ministry of Heavy Industries for the release of INR 958.1 million under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components.

The sanction covers the demand incentive for FY2026-27, with funds to be disbursed through IFCI, the designated central nodal agency under the scheme. The payout marks the second consecutive year Ola Electric has secured PLI-Auto incentives, following a sanction of INR 3.66 billion for FY2024-25 in December 2025.

An Ola Electric spokesperson said: “The sanction of INR 958.1 billion under the PLI-Auto Scheme, for the second consecutive year, is a strong endorsement of Ola Electric's manufacturing capabilities and our commitment to building world-class EV technology in India. This incentive recognises our sustained efforts in scaling domestic production, deepening localisation, and driving innovation across the electric mobility value chain. We remain committed to supporting the Government of India's vision of making India a global hub for advanced automotive manufacturing and clean mobility.”

The government initiative aims to boost domestic manufacturing, support technological development and expand production capacity within the Indian automotive and component manufacturing sectors.

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company has announced the appointment of Peyman Kargar as Director and Chief Executive Officer, effective 27 January 2027.

He will succeed K N Radhakrishnan, who will remain in the role until the transition date before serving as Non-Executive Director until the company's Annual General Meeting in July 2027.

At present, Kargar serves as the President of International Business at TVS Motor Company, overseeing operations that represent 29 percent of the sales volume. He has over three decades of automotive industry experience across Europe, Asia, Africa and the Middle East, covering research and development, manufacturing, quality, sales and marketing.

The leadership change follows a financial year in which TVS Motor Company reported global sales of 5.9 million units and revenue growth of 30 percent. In his upcoming role, Kargar will oversee the manufacturer's domestic operations in India alongside its international expansion into developed markets.

Sudarshan Venu, Chairman, TVS Motor Company, said, "This appointment marks an important step for TVS Motor Company as we prepare for the future. Peyman is an accomplished global leader with deep industry experience, strategic vision and a strong understanding of customers and markets. As President, International Business, he has already made a meaningful contribution to our business, and I am confident he is the right person to lead TVS Motor Company and further strengthen our position among the world's leading mobility companies. At TVS Motor Company, our values and culture are fundamental to who we are and how we operate. I am confident that Peyman will continue to build on these values and work towards our vision of transforming the quality of life of people across the world through mobility solutions that are exciting, responsible, sustainable and safe. I would also like to thank K. N. Radhakrishnan for his outstanding contribution to TVS Motor Company and the wider TVS VENU group over many years. His leadership, passion, and commitment have helped shape the company into the strong organization it is today. I am personally grateful for his valuable counsel, guidance and support."

Peyman Kargar said, “It is a privilege to be appointed as Chief Executive Officer of TVS Motor Company. Building on our momentum, we are entering into a new phase of growth, expanding our presence and further consolidating our position in India and global markets. As we do so, the guiding principles of the TVS Way and its values will always be the North Star. I will be focused on realizing the company’s vision and strengthening our technology leadership, AI capabilities, commitment to quality, and customer centricity. Together, these principles have helped create a culture where individuals and teams can thrive, innovate and deliver exceptional outcomes. I look forward to working closely with our teams in India and around the world to strengthen our position in key markets, deliver for our customers and build on the foundations we have created."

K N Radhakrishnan said, "It has been a privilege to serve TVS Motor Company as CEO and work alongside an exceptional team. I am grateful for the support, commitment and dedication of colleagues across the business, whose efforts have shaped the company that we are today. I am confident Peyman will lead TVS Motor Company with distinction and wish him every success in the role and I look forward to supporting a smooth transition over the coming months."

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