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Thursday, April 11, 2024

Elon Musk plans to visit India and meet with Prime Minister Modi

Elon Musk plans to visi india

Elon Musk plans to visit India and meet with Prime Minister Modi

Elon Musk, the CEO of Tesla, confirmed rumors of an upcoming trip to India in a post on the social networking platform X on Wednesday. He expressed excitement about seeing Prime Minister Narendra Modi.

Anticipating a meeting in India with Prime Minister @NarendraModi! On Wednesday, Mr. Musk made a post on the microblogging site that he also owns.

However, the Tesla CEO did not give a rough time for the visit.

Later this month, the billionaire was supposed to visit India and announce his proposal to invest and open a new facility there.

Musk, who also founded SpaceX, described himself as a "fan" following his June 2018 encounter with Prime Minister Modi in the US.

Its CEO said, "I am confident Tesla will be in India and will do so as soon as humanly possible." The company makes electric vehicles.

Aiming to "attract investments by reputed global manufacturers," India revealed a new electric car policy less than a month ago that would lower tariffs by up to 85% on the import of a certain number of EVs. The entrance of the billionaire and this statement are simultaneous.

For a period of five years, the program permits businesses that set up passenger electric car manufacturing facilities to import a specific number of cars at a reduced customs or import tax of 15% on cars costing at least $35,000 (about ₹ 29 lakh).

It requires EV manufacturers to invest a minimum of ₹ 4,150 crore ($500 million) and gives them three years to set up production facilities in India. The other necessary need is to achieve 50% domestic value addition within five years. By the end of the third year, 25% must be reached in accordance with the localization clause.

Media reports state that Tesla officials plan to visit India in April to search for suitable sites for a production plant, which would require funding of about $2 billion.

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