Instead of Toyota, Tvr changed the decision not to increase business in India, now promised investment of Rs 2000 crore

In return for the Toyota Group, Toyota said that in the coming years, the company will invest Rs 2000 crore on technology and electrification in India.

17th September, 2020

The auto company (Toyota Motors Corp) has changed its stance on statements that it is not expanding business in India. The company says that it is committed to doing business in India and achieving its goals in India. For this, the Toyota Group will invest Rs 2000 crore in the coming years on technology and electrification. It will be used for domestic and export markets. The managing director of Toyota Kirloskar Motor said in a statement that his company is committed to its business in India. The company has full confidence in India's economic prospects and is dedicated to contributing for this. The company has been doing business in India for the last two decades and during this time it has worked in the spirit of 'Grow India - Grow with India'.

The company will invest more than Rs 2000 crore in India in the next few years. The company will make every effort to promote new, clean and world-class technology and services in India.

This was the controversy
>> Shekhar Viswanathan, vice chairman of Toyota Kirloskar Motor recently said that the company will not expand its business further in India. He blamed more tax in India for this. His statement was considered a big blow to the Modi government. Prime Minister Narendra Modi has been continuously trying to woo foreign companies to fix the economy that has been damaged due to coronavirus infection.

>> Vishwanathan said in an interview that the message we got after coming here and investing money is that we don't need you. He said that due to no tax reforms, the company will not come out of the Indian market but will not expand its business.

>> Toyota is one of the largest car companies in the world. It started its business in India in 1997. The Japanese company holds 89 percent stake in its local unit. According to the Federation of Automobile Dealers Association data, in August 2020, the company's market share in the Indian market has fallen to just 2.6 percent from 5 percent a year earlier.

Category: Business


Reported by:
Maharanee Kumari