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☆ 'Internal battle' in Modi's BJP on whether India needs Chinese investments, Natixis chief Asia economist says
▼ + stars: | 2024-08-01 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +5 min

Supporters of Bharatiya Janata Party (BJP) hold party flags as they celebrate Narendra Modi's swearing-in ceremony on June 9, 2024. Sopa Images | Lightrocket | Getty ImagesThere is an "internal battle" happening within India's ruling Bharatiya Janata Party over inviting Chinese investments, as the country strives to become Asia's manufacturing powerhouse, Alicia Garcia-Herrero, chief Asia Pacific economist at Natixis said. This proposal was shot down by Trade Minister Piyush Goyal on Tuesday who said that there was "no rethinking at present" on allowing Chinese investments into India, Reuters reported. Experts told CNBC that Chinese investments are needed in India's solar panel and battery manufacturing sectors — two areas that a report, citing Indian government sources last week, mentioned could see easing restrictions on Chinese investments. India increased scrutiny on Chinese investments into the country, and also blocked several Chinese mobile apps including TikTok following the incident.

Persons: Narendra Modi's, Alicia Garcia, Herrero, Natixis, V Anantha, Piyush Goyal, Modi, Garcia, Rajesh Kumar Singh, Harsh, Pant, Tauseef Mustafa, Jaishankar, Punit Paranjpe Organizations: Bharatiya Janata Party, BJP, Asia, Trade, Reuters, CNBC, Department, Promotion of Industry, Internal, Bloomberg, ICT, Communication Technologies, New Delhi's Observer Research Foundation, Afp, Getty, India's Foreign, Adani Locations: Asia Pacific, China, India, Europe, loggerheads, Eastern Ladakh, Tokyo, U.S, Mundra

☆ India 'confident' new EV policy measures will allow more foreign players to enter market
▼ + stars: | 2024-04-26 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

"It was meant for all global EV manufacturers and domestic manufacturers." While much of the "buzz has been around Tesla," Singh underscored the initiatives will also attract other foreign automakers, highlighting that Vietnam's leading EV maker "VinFast has already announced its intent." In February, VinFast broke ground on its integrated EV manufacturing facility in India's southern state of Tamil Nadu. As competition in India's EV sector remains limited, the entry of major players like Tesla, will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba told CNBC. Robust trajectoryAccording to Counterpoint Research, India's EV sales nearly doubled in 2023, driven by rising consumer interest and government initiatives, among other factors.

Persons: Rajesh Kumar Singh, CNBC's, Singh, VinFast, Elon Musk, Narendra Modi, Tesla, Rajeev Chaba, EVs, Modi, Ola, Bain Organizations: Department, Promotion, Industry, Internal, EV, CNBC's Sri, Motor, CNBC, Counterpoint Research, International Energy Agency, TVS Motor, Bajaj, Ampere, Bain & Company Locations: India, Tamil Nadu, China

☆ India confident global players will take advantage of new EV policy, says official
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia confident global players will take advantage of new EV policy, says officialRajesh Kumar Singh, secretary at the Department of Promotion of Industry and Internal Trade, named companies such as Tesla and VinFast.

Persons: Rajesh Kumar Singh Organizations: India, Department, Promotion, Industry, Internal

☆ Tesla ready to invest up to $2 bln to build India factory, but with riders -ET
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

Tesla logo is seen on the steering wheel of an electric vehicle at a dealership in Durango, northern Spain, October 30, 2023. REUTERS/Vincent West/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBENGALURU, Nov 24 (Reuters) - Tesla (TSLA.O) is ready to invest up to $2 billion to set up a factory in India if the government cuts import duty on its vehicles to 15% for the first two years of operations, the Economic Times reported on Friday. The government is examining the viability of Tesla's proposal to invest $2 billion but wants to reduce the number of cars imported on a lower duty, compared to Tesla's proposal, the Economic Times said. Tesla, the department for promotion of industry and internal trade, ministry of heavy industries, ministry of road transport & highways and the ministry of finance did not immediately respond to Reuters' requests for comment. Reporting by Rama Venkat in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Vincent West, Elon, Tesla, Rama Venkat, Nivedita Organizations: REUTERS, Economic Times, Reuters, Thomson Locations: Durango, Spain, India, Bengaluru

☆ India rejects BYD's $1 bln factory proposal -Economic Times
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, July 22 (Reuters) - India has rejected Chinese automaker BYD Co's (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday. Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Reuters could not independently verify the contents of The Economic Times' report. India's Department of Commerce, Department for Promotion of Industry and Internal Trade (DPIIT) had sought opinions from other departments on the investment proposal, the report said. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," the report quoted an Indian official as saying.

Persons: BYD, Sarita Chaganti Singh, Jason Neely Organizations: Engineering, Infrastructure Ltd, Economic Times, Reuters, India's Department of Commerce, Department, Promotion of Industry, Internal, Thomson Locations: DELHI, India, Hyderabad

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