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

New Delhi, Sep 15 Prakash Javadekar, Minister of Environment, Information and Broadcasting and Heavy Industries and Public Enterprises ...
News that Toyota will stop investing in India is incorrect: Javadekar

New Delhi, Sep 15 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."

( With inputs from IANS )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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