News that Toyota will stop investing in India is incorrect: Javadekar

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New Delhi, Sep 15 (IANS) Prakash Javadekar, Minister of Environment, Information and
Broadcasting and Heavy Industries and Public Enterprises said on
Tuesday that the news that Toyota Company will stop investing in India
is incorrect.

“The news that Toyota Company will stop investing in India is
incorrect. @vikramkirloskar has clarified that Toyota will invest more
than Rs 2000 crore in next 12 months”, Javadekar clarified on Twitter.

Javadekar also holds charge of the Ministry of Heavy Industries and
Public Enterprises apart from Environment and Information and
Broadcasting.

Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor in a tweet
clarified the Toyota position. “Absolutely! We are investing 2000+ crs
in electric components and technology for the domestic customer and
export. We are committed to the future of India and will continue to
put all effort in society, environment, skilling and technology”.

“We are seeing the demand increase & the market recover slowly. The
future of sustainable mobility is strong here in India & Toyota is
proud to be part of this journey. We are investing 2000+ crs towards
the electrification of vehicles and helping build a strong India!”,
Kirloskar said.

Automobile manufacturer Toyota Kirloskar Motor on Tuesday reaffirmed
its commitment to India as being an integral part of the company’s
global strategy.

The company’s statement comes after a report by Bloomberg cited that
future investments by the auto maker might stop given the high tax
incidence in India.

“We need to protect the jobs we have created and we will do everything
possible to achieve this,” the company said in a statement.

“Over our two decades of operations in India, we have worked
tirelessly to build a strong competitive local supplier eco-system and
develop strong capable human resources. Our first step is to ensure
full capacity utilisation of what we have created and this will take
time.”

“In wake of the slowdown that has been exaggerated by the Covid-19
impact, the auto industry has been requesting the Government for
support to sustain industry through a viable tax structure,” the
statement said.

“We remain confident that the government will do everything possible
to support industry and employment. We recognise the strong proactive
efforts being made by the Government to support various sectors of the
economy and appreciate the fact that it is open to examine this issue
despite the current challenging revenue situation.”

–IANS
san/ashes

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