Elon Musk's anticipated visit to india in april has sparked speculation about potential investments and the establishment of a new tesla plant. Reports suggest that Musk, the world's wealthiest individual, is scheduled to meet with prime minister Narendra Modi during the week starting from april 22. While details remain confidential, sources indicate that Musk and Modi will separately disclose their investment plans for India.
There's been prior mention of tesla officials potentially scouting locations for manufacturing plants in India. A significant investment of $2 billion in a tesla manufacturing facility is on the cards. Several states, including maharashtra and Gujarat, have reportedly extended enticing offers and land to tesla for setting up their factory. Talks are also underway with the telangana government to explore the possibility of hosting Tesla's electric vehicle (EV) manufacturing plant.
Musk's interest in india aligns with the country's new EV policy, which offers incentives to companies investing in local production. The policy grants exemptions and benefits, such as a 15% customs duty waiver for five years, to companies investing over $500 million in production within India. Additionally, there are requirements to utilize a certain percentage of parts made in india over specific timeframes, aimed at fostering domestic manufacturing and generating employment opportunities.
The impending visit of Musk to india underscores the country's growing significance in the global electric vehicle market and reflects the government's proactive measures to attract investments and promote domestic manufacturing in alignment with its EV policy.
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