In an interview with ET, FM Sitharaman, when asked about Tesla’s plans for India, said: “I’m not sure what the details are. But it is a very good sign for manufacturing in India, particularly high-technology manufacturing.”
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“There is an ecosystem which prevails that is being recognised by top-notch world companies and they are showing interest to come in and set up business in India,” Sitharaman added.
Elon Musk India visit
During this highly anticipated visit, Musk is expected to unveil Tesla’s plans to manufacture electric vehicles in the country. The announcement of meeting PM Modi, made through his X handle, stated, “Looking forward to meeting with Prime Minister Narendra Modi in India!”
According to an earlier TOI report, the timing of Musk’s visit, which coincides with the peak of the election season, is seen as a significant boost for the government’s efforts to attract major investors and create employment opportunities. Following the relocation of Apple’s vendors from China, Tesla’s investment is expected to be the next big success story for the Modi administration.
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Speculation about Musk’s visit has been rife since the ‘Vibrant Gujarat’ investor summit in January, and it became almost certain after the recent announcement of the EV policy for new entrants. The policy offers import duty concessions for five years to companies investing $500 million or more in establishing a manufacturing facility in India and sourcing components locally.