• Wed. May 18th, 2022

Tata Motors Finance – Empowering the Engines of the Economy

ByElla E. Kidwell

May 13, 2022



NNA |
Update:
May 13, 2022 2:51 p.m. STI

New Delhi [India]May 13 (ANI/PNN): Tata Motors Finance, a leading non-banking finance company and India’s largest commercial vehicle financier Tata, has always believed in empowering the driver community – one of the main pillars of India’s vast transport and logistics industry.
The brand recently took another step in this endeavor with the launch of Project Akanksha – its flagship skills program which aims to deliver relevant skills-based training to over 25,000 drivers across the country, working with the Collective Good Foundation (CGF), Samhita.
The project is designed as a holistic and comprehensive improvement program that covers critical aspects such as financial literacy, entrepreneurship, work skills as well as life skills.
The project is to conduct a comprehensive cash flow improvement and maintenance program in multiple cities to safeguard the financial future of drivers. The program is a combination of academic and practical sessions to help drivers gain relevant expertise.
India’s commercial vehicle industry is expected to grow at a CAGR of 18%, to reach 11,80,000 units by FY2025. With consumer demand rebounding to pre-pandemic levels, a slew of infrastructure projects lined up, especially in Tier 2 and Tier 3 cities, coupled with massive government spending on capital projects, the demand for commercial vehicles is expected to increase over the next 2-3 years.
Through ‘Project Akanksha’, Tata Motors Finance aims to equip the driving community with the arsenal to take advantage of the opportunities ahead. The aim is to ensure a high impact not only by increasing the scale of training year on year, but also by improving the quality of training to ensure that drivers are not only prepared, but are more that are ready to thrive in any environment.
So far, the training has been conducted in 15 cities namely Ambala, Anuppur, Bhojpur, Guwahati, Gwalior, Hyderabad, Lakhimpur, Lucknow, Mumbai, Muzaffarpur, Nammakkal, Patna, Pune, Vizag and Vijayawada covering more than 8 000 drivers.
Punit Puri, Human Resources Manager, Tata Motors Finance, said, “With the rapid expansion of the road network and the fast pace of highway construction, as well as a booming e-commerce industry, the India’s commercial vehicle market is poised to witness a massive up-run in the coming years.Increasing urbanization and growth of SMEs further underpin the booming Indian CV industry and we want to ensure that the community of drivers is able to make the most of upcoming opportunities.According to recent reports from ASDC and EY report, there are many skills required by drivers like basic mechanics, financial management, car detailing , transport management, etc., as complementary skills to driving.The report also highlights that the road transport segment would require an additional human resource of 26.36 million to meet its requirements by 2026. On International Professional Drivers Day, we are pleased to announce that Tata Motors Finance has pledged to train 25,000 Indian drivers under the “Project Akanksha” over the next 3 years, bridging financial literacy and skills gaps in the driver community, pursuing the National Skill India Mission. »
“India’s commercial vehicle driver community is severely underserved and vulnerable to safety issues. Equipping them with skills that can help them build sustainable businesses is a high priority in our country. By focusing on the crucial aspects of their life – professional, health and financial, we believe we can change their attitude and practices towards their profession, their peers and the industry in general. This partnership will greatly benefit the driver community, will empower them through the acquisition of relevant skills and potentially lead to entrepreneurship or community enterprise,” said Priya Naik, co-founder of Samhita.

The Akanksha Project aims to improve knowledge, overcome barriers to growth and strengthen the driver community through the following focus areas
* Financial literacy: raise awareness and train them to develop financial acumen and discipline
* Entrepreneurial skills
* Soft Skills for business and improving employability
* Digital Literacy: Enable them to track and manage their expenses through digital tools.
* Related to the profession: road safety, drug addiction, health and well-being.
Founded in 1957, Tata Motors Finance is a non-banking finance company and one of the pioneers in the automotive finance industry. Based in Thane (Maharashtra), the brand has a strong presence across India and operates through its own networks of over 250 branches and over 700 distribution partners in addition to Tata Motors dealer outlets.
Currently, the brand serves over 17,000 PINs across the country and has reached over 2 million customers since its inception. Its portfolio includes new and used vehicle loans, vehicle and customer lifecycle products like refinance, working capital, fuel loans, tire loans, fastag, insurance and many others, as well as loans to Tata Motors vendors and suppliers, all for the benefit of Tata Motors. and its strategic partners.
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