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 ut 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."