Mr.Pankaj Munjal, the Managing Director and the Co-Chairman of one of the biggest bicycle manufacturing company of India, Hero Cycles became the president of All India Cycle Manufacturer's Association (AICMA) replacing Mr.Alagappan.
He will be giving his services sitting at that post for the coming one year. At the event, he said "It is a great honour to take over as the president of AICMA. Since its inception in 1984, AICMA has been instrumental in bringing in lot of positive changes for the Indian bicycle industry."
"As president, my endeavor would be to bring about sustained growth of the bicycle industry both in domestic as well as in export sectors." he added. He also talked about India's chances in the global scenario of bicycle market.
"The bicycle business is about 130 million units in size and $30 billion in value in terms of market worldwide. However, In India we are merely a $1.2 billion market only which is just 4% in terms of value in the world trade. There seems to be some fundamental fallacy which needs to be addressed here, the tax structure" he said.
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