Achi news desk-
Elon Musk, Narendra Modi
– Image: ANI (file)
expansion
Elon Musk, the head of electric car maker Tesla, will visit India on Monday, April 22 and during that time he can announce an investment of two to three billion dollars here. Through this a factory will be built here. During this tour, Musk is scheduled to meet Prime Minister Narendra Modi on Monday itself. However, no detailed official information has been shared regarding Musk’s visit to India and the activities taking place during it.
Musk said on social media that he was going to come to India and meet Prime Minister Modi there. India is the third largest vehicle manufacturing country in the world but the e-vehicle industry is still in its infancy. In 2023, the share of EVs in total vehicle sales in the country was only two percent, but the government plans to increase this share to 30 percent by 2023. Sources connected to Musk’s visit said Tesla owners may disclose the amount of their investment in India, but for how many When this investment will be made and in which country in the country it will be made may not yet be revealed.
Demand for a reduction in import duty on electronic vehicles
Musk has been demanding for a long time to reduce the huge import duty on electronic vehicles in India. In March of this year, the Indian government announced to reduce the import duty on some models of electric vehicles from 100% to 15%, provided that the car manufacturers invest at least 500 million dollars to establish factories in India.
100% FDI rules in the space sector announced before Musk’s visit
Even before Tesla owner Elon Musk’s visit to India on April 22, the finance ministry increased the foreign direct investment (FDI) limit in satellite-related activities to 100%. Notice has been given to amend the rules. Earlier, the Union Cabinet approved increasing the FDI limit to 100 percent through the automatic route for some space activities. These activities include the production of satellite components and other systems. The investing company will also have to follow the guidelines issued by the Indian Space Department from time to time. An investment of 75 percent is allowed for the production of satellites, satellite data products and land segments and users.
