PM Narendra Modi meets Tesla and SpaceX CEO Elon Musk, in New York, USA, final yr. (Picture: PTI/File)
Whereas the ultimate agenda of Tesla CEO Elon Musk’s India go to is but to be confirmed, it’s extensively believed that he might unveil big-ticket funding plans for the nation
Prime Minister Narendra Modi on Monday mentioned Tesla CEO Elon Musk, who might be visiting India later this month, is a supporter of India. Whereas the ultimate agenda of the enterprise tycoon’s go to is but to be confirmed, it’s extensively believed that he might unveil big-ticket funding plans for the nation.
In an interview to information company ANI, the prime minister was requested about how Musk had mentioned he’s a “Modi fan”. “Look, the very first thing saying that Elon Musk is a supporter of Modi is one factor, mainly, he’s a supporter of India. And I simply met him. It’s not like that,” he was quoted as saying.
Prime Minister Modi mentioned he has met Musk twice earlier than – as soon as throughout a manufacturing unit go to in 2015 and the opposite, most not too long ago, throughout his state go to to the US final yr. Recalling the manufacturing unit go to in 2015, he mentioned the Tesla CEO had cancelled his pre-scheduled dedication to fulfill him.
“He confirmed me all the things in his manufacturing unit. And I understood his imaginative and prescient from him. I went there simply now (to the US in 2023) and met him once more. And now he’s about to return to India,” the PM advised ANI.
On April 10, Musk confirmed his go to to India and his deliberate assembly with PM Modi. In a submit on X, he wrote: “Trying ahead to assembly with Prime Minister @NarendraModi in India.”
In June final yr, Musk had met Modi in the course of the prime minister’s US go to. The Tesla CEO had then mentioned he deliberate to go to India in 2024, whereas expressing confidence that the corporate will enter the Indian market quickly.
His deliberate go to comes weeks after the central authorities introduced a brand new electrical car coverage, beneath which import responsibility concessions might be given to corporations organising manufacturing models in India with a minimal funding of $500 million. It is a transfer aimed toward attracting main world gamers just like the US-based Tesla.
At current, automobiles imported as utterly constructed models (CBU) appeal to customs responsibility starting from 70 per cent to 100 per cent, relying on the engine measurement and value, insurance coverage and freight (CIF) worth. Among the many giant international locations of the world, India has the very best import duties on automobiles.
‘World funding welcome however ought to have India’s toil’
Forward of the Lok Sabha elections, which start on April 19, Modi mentioned he strongly believes in world funding however that ought to be sure that Indians are engaged within the manufacturing course of. On the potential entry of Tesla and Starlink into India, he mentioned whoever needs to take a position can accomplish that, however that ought to translate into employment for the youth.
“I would like funding to return in India as a result of, in India, it doesn’t matter who has invested cash, (however) the sweat put into the work should be of our personal individuals. The product ought to have the essence of our soil, in order that our youth within the nation will get employment alternatives,” he advised ANI.
Earlier this month, Musk mentioned it could be a pure development to offer Tesla EVs in India. “India is now essentially the most populous nation on the earth, primarily based on inhabitants. India ought to have electrical automobiles identical to each different nation has electrical automobiles. It’s a pure development to offer Tesla electrical autos in India,” he added.
Outlining the expansion in India’s EV sector, Modi additional mentioned India is shifting quick on this area and corporations should come and make investments right here. Giving information, he talked about how EV gross sales have elevated from simply 2,000 in 2014-15 to 12 lakh in 2023-24.
“Not 2,000 models, however 12 lakhs models had been offered in 2023-24. This implies a community of such an enormous charging station has been created. It has helped the setting and now we have made insurance policies relating to this,” he was quoted as saying.
“We’ve got advised the world that India is shifting very quick on EVs. If you wish to do manufacturing, you need to come,” he added.
(With PTI inputs)
