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The proposal Elon Musk wants to make to Modi

April 23, 2024 10:47 am

The proposal Elon Musk wants to make to Modi

World’s richest man and Tesla owner Elon Musk is coming to India. He said that he will meet Prime Minister Narendra Modi when he comes to India.

In a post on social media platform X, the Tesla CEO confirmed the news of his planned visit to India, saying, “Looking forward to meeting the Prime Minister of India!”

The Tesla CEO, however, did not specify the estimated time of the visit. Following Musk’s tweet, Reuters reports claim that Musk is likely to visit India sometime in April and discuss setting up a Tesla factory in the country.

Analysts expect Musk to unveil Tesla’s plans to invest in its Indian factories, which include setting up a new factory in India.

According to reports, the meeting is expected to be held in New Delhi in the last week of April.

Earlier, Elon Musk met Prime Minister Narendra Modi in America in June last year. After meeting Modi, he claimed to be a ‘Modi fan’. At that time he informed that Tesla will be brought to India soon. Recently, the Government of India has announced a new policy for electric vehicles, where import duty will be reduced by up to 85 percent on a certain number of electric vehicles. For this, a minimum investment of 4150 crores ($500 million) will be required and the factory will have to be built within 3 years.

Meanwhile, Musk has been planning to bring electric and automatic car Tesla to India for a long time. But that dream remains elusive due to excessive import duties.

Last year, Elon Musk had said that if India lowers import tariffs, there is scope for trade growth. Musk is also expected to come to India to discuss plans for a suitable location for his car manufacturing plant, which would require an investment of around $2 billion.

During a discussion with Norges Bank Investment Management CEO Nikolai Tangen, Musk discussed India’s growing market for electric vehicles at length. Several Indian states like Maharashtra, Gujarat and Telangana have already reportedly offered attractive land to Tesla for setting up car factories.

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