Tesla to double India imports, says Goyal on U.S. visit
The Hindu
Commerce Minister Piyush Goyal visited Tesla's facility in Fremont, California. He met with Tesla's Chief Elon Musk and discussed potential collaboration under the Indo-Pacific Economic Framework, ways to boost trade and investments, and matters related to the WTO. Goyal also attended an investors' round table and suggested expediting the review of free trade agreements. India is looking to give customs duty concessions to Tesla for setting up a plant in the country. Exports to the US have declined, but the demand for electric vehicles is increasing, which will help push the sector's growth.
Commerce and Industry Minister Piyush Goyal visited electric vehicle (EV) major Tesla’s manufacturing facility in the U.S. and said the world’s largest EV maker would be doubling imports from India.
The visit comes amid reports that India is considering customs duty concessions to Tesla for setting up a plant in the country.
“Visited @Tesla’s state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers and finance professionals working at senior positions and contributing to Tesla’s remarkable journey to transform mobility,” the minister posted on X (Twitter), a social media platform also owned by Tesla’s founder Elon Musk.
Demand for EVs will increase and imports from India will enable the sector’s growth, the Minister said. The government had earlier said it is not considering a separate incentive for Tesla, and that the company can apply for measures under existing Production Linked Incentive (PLI) scheme for auto and advanced chemistry cells.
Elon Musk met Prime Minister Narendra Modi in June in New York and said that he planned to visit India in 2024.
In August 2021, Musk said Tesla might set up a manufacturing unit in India if it succeeded in importing its vehicles into the country. India imposes 100% import duty on fully imported cars with CIF (Cost, Insurance and Freight) value more than $40,000 and 70% on those costing less than the amount.
Mr. Goyal is in the U.S. on a four-day visit beginning Nov 13, to attend the third in-person Indo-Pacific Economic Framework (IPEF) meeting and engagements of the Asia-Pacific Economic Cooperation.
Air India has signed an agreement with Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), to develop a built-to-suit facility for the AME program that will feature modern classrooms, well-equipped laboratories for practical training and a team of qualified trainers.