Mumbai, Oct. 12 -- India's automobile industry is gearing up for a potential record year as festive demand rises across petrol-powered and electric vehicles, even as geopolitical uncertainties and global supply chain challenges continue, Vikram Kasbekar, Executive Director of Hero MotoCorp Ltd, said on Monday.

Speaking with reporters on the sidelines of CII's 17th Visionary Leaders for Manufacturing (VLFM) conference in Mumbai, Kasbekar said demand has outpaced supply in both internal combustion engine (ICE) and electric vehicle (EV) segments, creating an opportunity for manufacturers to increase production.

"This is an opportunity that has come after a long time, when the industry has not been able to supply enough to meet demand. The ...