Earlier, a senior official at Toyota Kirloskar Motor said that they would stop further expansion in India due to high taxes.
Toyota Kirloskar Motor on Monday refuted aforementioned comments and said that they are committed to their Indian market. The company said they believe in the country’s core potential of economic growth and that they want to be a part of it.
Toyota Kirloskar Motor Managing Director Masakazu Yoshimura said, “As part of these efforts, Toyota Group in India is targeting to invest over ₹2,000 crores in India in the coming years on technology and electrification, both for the domestic and the exports market.” This is in line with the company’s initiative to build an ecosystem in line with government plans like ‘Make in India’ and ‘Skill India’.
A tweet by Vice-Chairman Vikram Kirloskar also clarified and reiterated that the company will be investing ₹2,000 crores in India.
#Toyota's focus is on technology expansion & localization & is investing 2000+ crs for the same. I believe that a GST readjustment is required in the future to encourage green mobility. Carbon-based tax will also make the Indian industry more competitive. https://t.co/awAqsOVEAU
— Vikram Kirloskar (@vikramkirloskar) September 15, 2020
Union Minister for Heavy Industries, Prakash Javadekar responded with a tweet of own.
— Prakash Javadekar (@PrakashJavdekar) September 15, 2020