Maruti Suzuki India Chairman R C Bhargava said India has proven the fallacy of incompatibility of rapid economic growth. A democratic political system and the continuity of government and policies give industry the confidence of sustained high growth, he said.
Addressing shareholders in the company’s Annual General Meeting held virtually, Bhargava asserted that India’s democratic processes would lead the country to a sustained and more equitable society.
He also said the industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047.
“Over the years, I’ve heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking,” he added.
Reiterating the commitment in India to small cars, he said any lull in demand won’t alter the strategy in this direction. “We firmly believe that low cost, small cars are necessary in our economic and social conditions. A temporary setback in demand not going to change our strategy,” he said adding, “We are confident that the rural market will revive and many scooter owners there are looking to upgrade to small cars.”
“Further strengthening our sales and service network to rural areas and small towns so benefits are not limited to people in large towns,” said RC Bhargava.
Talking further on India’s economy Bhargava said, “We are now the fastest growing economy in the world, and our prime minister is one of the most respected global leaders.
“The world has seen how deeply committed we are to the democratic processes.”
At the meeting, the Maruti chairman also talked about its electric vehicle plans. He said Maruti’s first EV would be produced in a few months’ time and will be exported to global markets. The car company is aiming to export 20% of its production of 4 million vehicles by 2030.