Elon Musk’s 2-Day Visit: Major Announcements Await India

Business View
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Elon Musk

The CEO of Tesla Motors Elon Musk is all set to mark its 2-days visit to India. The visit is expected to be in the next week and many major decisions will take place in the presence of the Prime Minister of India, Narendra Modi. The billionaire is expected to make mega announcements which will surely play a vital role in the economic and business sectors of India. According to multiple reports, in the 48 hours of India’s visit, Elon Musk will make major investment announcements that include plans to begin Starlink services in India. 

In a two-day India visit, Elon Musk will meet PM Modi along with other government officials and industry representatives. Now, with the official confirmation from the side of Elon Musk, Despite the intense anticipation regarding his anticipated investment announcements, a state-by-state analysis of India’s foreign direct investments (FDI) shows that multinational corporations tend to choose a small number of states and remain loyal to them over time. The report of his visit comes after the billionaire shared this news through a social media platform identified as X (formerly Twitter) on Wednesday, April 10. He wrote on X, “Looking forward to meeting with Prime Minister Modi in India.” 

Before confirming his India visit, he made another tweet that reads, “India should have electric cars like every other country has electric cars. It’s a natural progression to provide Tesla electric vehicles in India.” 

When Will Elon Musk Arrive And What Is His Plan?

According to the report of CNBC-TV18, Elon Musk will be landing in India on Sunday, April 21 and 22.   The reports added that the owner of X will likely announce an investment plan worth $2-3 billion for India. He will likely disclose plans for Tesla in India. His announcement will include the manufacturing of the cars for the Indian market along with the distribution in the global market.  

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When Was The Last Meeting Of Elon Musk With PM Modi?

The earlier meeting of PM Modi with Elon Musk had taken place in New York in June. It is worth noting that Tesla has asked India multiple times to lower import taxes on EVs. In the wake of this, in March 2024, the central government shared a new EV policy in which they include the lowering of import taxes to 15% from 100% on some models if a manufacturer invests at least $500 million along with a manufacturing unit in India. With the ease in import duties for foreign EV makers, the announcement of Musk provoked many assumptions about the potential investment of Tesla in India.

Apart from mega investments in India, it is assumed that Musk will announce his plans to launch Starlink services in India. It is worth noting that Starlink is a satellite-based internet service provider by SpaceX, an aerospace company owned by Musk. It is known to be an affordable satellite-based internet service provider in the US. The report included that regulatory approvals for Starlink reached its last stage and soon the firm will get a license. 

Besides, Tesla is looking for a site where they can establish their factory in India to start manufacturing electric vehicles. This investment will be worth approximately $2 billion. 

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