Kenichi Ayukawa, CEO, Maruti Suzuki India, during the Business Today Mindrush event on Friday, talked about how the company was working with the government to address some of the key challenges behind the auto slowdown. Talking about Prime Minister Narendra Modi's Korea policy, Ayukawa said: "Prime Minister Modi's Korea policy has encouraged companies to be part of Make in India. In order to achieve that policy, how we are going to approach the government to practically implement it, and also, we ourselves, are making efforts, which is very important."
The Automobile industry, including two-wheeler and others, is a very big industry, he said. "We are increasing our business and automatically generating new employment, which leaves a big impact on the economy," he added.
He said that despite the automobile sector is the worst impacted in the current economic slowdown, he looked at India as the most progressive market in the world. "We are investing in and preparing for the future," he said.
Talking about this year's declining sales, Ayukawa said: "A major reason behind the decline in sales this year was lack of affordability -- cost went up due to various factors, including government regulations. So, we have to discuss with the government how we are going to address those concerns."
Other panellists, including former MD of The Titan Company, Bhaskar Bhat; Anil Rai Gupta, MD, Havells India; Suresh Narayanan, Chairman and MD, Nestle India, indicated that the government should boost employment to get out of the economic crisis.
Narayanan also maintained that consumption might have dropped from 11-12 per cent to 7 per cent, but the roof hadn't fallen. "Only those who read pink papers and magazines know that there is a slowdown," said Bhaskar Bhat. Gupta said India had a long-term growth story that would play out over the next two-three decade.
Edited by Manoj Sharma