“We don’t know what will be the situation next year. The industry has to ensure it has enough cash. Only essential investment should be done, rest all can wait. All the luxury investments have to stop for some time,” Vikram Kirloskar, vice-chairman, Toyota Kirloskar Motor said at TOI Dialogues held on Tuesday.
Kirloskar urged the government to support a section of people with some monetary aid. “A certain amount of fiscal giveaway is required to get the economy back on track. Giving money to small businesses is the only option I see,” he said.
On sustainable mobility, Kirloskar said the current situation may not allow exploring the opportunities, however, electric and hybrid technologies are the way forward. Toyota is globally known for hybrid car technology, selling over 15 million cars till date.
Amid the short-term challenges, Kirloskar exuded confidence about the better days to come. “Current situation is going to hurt us despite everybody trying best to tackle the crisis but long-term India story is fantastic,” Kirloskar said.
Advocating for Make in India, Kirloskar was hopeful that the country could excel in the manufacturing sector. “We should manufacture in India as much possible, and that too without protectionism. There is nothing wrong with starting with assembly. The next step is, of course, going to be making the very parts here and cheaper,” Kirloskar said.