Elon Musk to visit India; Here to know some expecting points

Elon Musk to visit India; Here to know some expecting points

Business Tycoon Elon Musk is going to plan a visit to India this month shortly where he will meet PM Modi to discuss some investing auto plans to commensurate. Here are some facts that can be expected to be discussed.

The incumbent Business Legend visit has been sought after the central government announced a new electric vehicle policy, under which import duty concessions will be given to companies setting up manufacturing units in India with a minimum investment of $500 million. This is a move aimed to lure some major global players like the US-based Tesla.

Read Also : BEL upgrades Chennai hospital OT & Maternity Ward

Further, in recent times the cars imported as completely built units (CBU) attract customs duty ranging from 70 per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value. Among the large countries of the world, India has the highest import duties on cars.

The Lok Sabha elections are going to begin from 19th April and strong belief in global investment should ensure that Indians are engaged in the manufacturing process. The expected possible entry of Tesla and Starlink into India can be assumed to make anyone wish to invest, but that should translate into employment for the youth as per PM Modi's statement.

Read Also : IAF concludes No 3 'Warfare & Aerospace Strategy Program'

Earlier this month, Musk said it would be a natural progression to provide Tesla EVs in India. “India is now the most populous country in the world, based on population. India should have electric cars just like every other country has electric cars. It’s a natural progression to provide Tesla electric vehicles in India,” he added.

Previously, while outlining the growth in India’s EV sector, Modi further said India is moving fast in this domain and companies must come and invest here. Giving data, he talked about how EV sales have increased from just 2,000 in 2014-15 to 12 lakh in 2023-24.

Read Also : NTPC Ltd conferred with ET PSU Award '2024