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'Indian economy might recover relatively faster from Covid downtrend'

Exhuming confidence on India's long-term economic prospects, Maruti Suzuki's Managing Director & CEO Kenichi Ayukawa said the Indian economy may recover relatively faster from the Covid-induced downturn, as it did from the global financial crisis.

In the company's Annual Integrated Report for the Financial Year 2019-20, Ayukawa said, "India's long-term economic prospects are promising which augur well for the automobile business. Experience from the global financial crisis suggests that the Indian economy is quite resilient, and it may not be too far to think that the Indian economy may recover relatively faster this time as well."

"The company is making all-round efforts to both participate and drive this recovery."

Besides, Ayukawa said the crisis may lead to the emergence of new opportunities, skill sets and technological solutions.

"We have to be quick in adapting to the requirements of the changed world. I firmly believe in the 'survival of fittest'. The other important lesson this crisis has taught, is that the business environment has become far more dynamic and interconnected and far less predictable than before," he said in the report.

"At a time when the automobile industry is witnessing a once-in-a-century transformation across the world, events like Covid-19 further increase the complexity of business."

Besides, he pointed out that to meet the future 'CO2' targets, the company is adopting a mix of powertrain technologies based on electrification and CNG.

"The company is making efforts to electrify its powertrain, ranging from smart hybrids to strong hybrids to electric vehicles. The partnership between Suzuki Motor Corporation and Toyota Motor Corporation will help the company to gain access to hybrid technology," he said.

"SMC is not only providing its support for requisite technology, but also partnering to put up India's first Lithium ion cell and battery manufacturing facility.".