Gujarat’s Industry Minister Balvantsingh Rajput specifically stated that advanced discussions are underway for potential investment from Tesla.
Gujarat’s Industry Minister Balvantsingh Rajput revealed in a recent press conference, in response to a journalist’s question, that Tesla is among the companies currently being considered for investment in the state. He emphasized that there are ongoing discussions with several firms at high levels, expressing optimism about the outcomes.
Elaborating further on the matter, SJ Haider, the Additional Chief Secretary of the Industries and Mines Department, highlighted that Gujarat operates under more than 20 investor-friendly policies, showcasing the state’s commitment to being policy-driven, as reported by ANI.
Elon Musk, Tesla’s CEO, had previously announced in June of the previous year his plans to visit India in 2024. He expressed eagerness for Tesla’s entry into the Indian market, aiming to make it happen “as humanly possible.” Musk also mentioned that he was invited by Prime Minister Modi and expressed his gratitude towards the PM for his support, hinting at future announcements regarding Tesla’s ventures in India.
However, Tesla has raised concerns about India’s high import duty structure, which ranges from 25 to 100% on completely built unit vehicles (CBUs), a point noted by ANI in their reporting.
In an encouraging development, India’s Minister of Commerce and Industry, Piyush Goyal, visited Tesla’s manufacturing unit in Fremont last November. During his visit, he mentioned that Tesla was planning to double its imports of components from India, a move that underscores the increasing significance of Indian auto component suppliers in Tesla’s electric vehicle supply chain. Goyal expressed his pride in this growing relationship.