Toyota releases a statement on its commitment to India

Earlier today, we had reported that Shekar Viswanathan – Vice Chairman, Toyota Kirloskar Motor, had stated that the company won’t scale up its operations in India due to the government’s high tax regime. At the same time, he had clarified that Toyota has no plans to exit the Indian market.

Now, the company has released a statement on its commitment to India:

Toyota Kirloskar Motor would like to state that we continue to be committed to the Indian market and our operations in the country is an integral part of our global strategy. We need to protect the jobs we have created and we will do everything possible to achieve this. 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 utilization 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. We remain confident that the Government will do everything possible to support industry and employment. We recognize 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.

Our recent partnership with Suzuki in India on sharing technology and best practices are also in support of the “Make in India” initiative and Indian Government’s policy, and aim to enhance the competitiveness of both companies.

Source: Read Full Article