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"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100% import tax for EVs. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai - its largest factory worldwide - and one outside Berlin.

Persons: Narendra Modi, Elon Musk, Tesla, Tesla's, Nirmala Sitharaman, Rohan Patel, Aditi Shah, Aditya Kalra, Shivangi Acharya, Kevin Krolicki, Raju Gopalakrishnan, Sharon Singleton Organizations: India's, India's Press, REUTERS, India EV, NEW DELHI, Indian, Tata Motors, Reuters, Mahindra, Tata, EV, EVs, Thomson Locations: New York City , New York, U.S, India, Tesla, New Delhi, Indonesia, United States, Shanghai, Berlin, Mexico

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. An RBI official communicated this message verbally to foreign exchange dealers at a seminar this month, four sources said. The central bank is "keen that volumes of such trades go up" and "has assured the market that they will be ready to support banks with INR-AED trades," this banker said. "The RBI is telling banks to first encourage large clients and corporates to start INR-AED trades because their balance sheets are relatively stronger," another banker said.

Persons: Francis Mascarenhas, corporates, Siddhi Nayak, Jaspreet, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, United Arab, Reuters, Reserve Bank, Indian Oil Corp, Abu Dhabi National Oil Co, Siddhi, Thomson Locations: Mumbai, India, Rights MUMBAI, DELHI, United Arab Emirates, UAE, dirhams, Abu Dhabi

☆ India's imports from China across at least 25 major commodity groups rise on year
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 9 (Reuters) - India's imports from China across at least 25 major commodity groups such as consumer electronics, auto components, and iron and steel products rose in fiscal 2023, the government told parliament on Wednesday. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's concerted efforts to reduce its trade deficit with China since border tensions flared in 2020. Imports of electronics instruments from China grew 14% year-on-year in fiscal 2023, while imports of organic chemicals imports and iron and steel products rose 9% and 12.3%, respectively, as per the statement. Imports of all listed commodity groups were higher than shipments in fiscal 2021. India's trade gap with China widened 13.5% in fiscal 2023 year-on-year, as India's strong domestic demand continued to support Chinese imports while COVID lockdowns in China crimped imports from India.

Persons: Shivangi Acharya, Janane Organizations: Thomson Locations: DELHI, China, India

Visitors gather at Applied Materials and Micron Technology kiosks before the start of 'SemiconIndia 2023', India's annual semiconductor conference, in Gandhinagar, India, July 25, 2023. REUTERS/Amit DaveNEW DELHI, Aug 4 (Reuters) - Applied Materials (AMAT.O) wants its suppliers from Europe, Japan and elsewhere to set up operations in India, as the semiconductor toolmaker works to expand the local supply chain, its India head told Reuters. Applied Materials does not manufacture in India - and has no plans to - but having suppliers based locally will help its new engineering centre speed up technology development and testing. Such investment creates opportunities for Applied Materials, the world's biggest maker of tools used in manufacturing chips. Applied Materials started its India operations in 2002 and has about 7,500 employees in the country working in product development, software and other business operations.

Persons: Amit Dave NEW DELHI, Srinivas Satya, Narendra Modi's, Satya, Modi, Gary Dickerson, Munsif, Acharya, Sumit Khanna, Aditya Kalra, Christopher Cushing Organizations: Materials, Micron Technology, REUTERS, Reuters, U.S, Applied Materials, Devices, Micron, Applied, Thomson Locations: Gandhinagar, India, Europe, Japan, Bengaluru, Applied Materials India, South Korea, U.S, Gujarat, Washington, New Delhi

FILE PHOTO-India's Deputy Minister for Information Technology Rajeev Chandrasekhar speaks during the 'SemiconIndia 2023', India's annual semiconductor conference, in Gandhinagar, India, July 29, 2023. REUTERS/Amit Dave/File PhotoNEW DELHI, Aug 4 (Reuters) - India will delay its order of licensing requirement for imports of laptops, tablets and personal computers by at least a month, a senior government official said on Friday, just a day after the decision was announced. India on Thursday said it will impose a licensing requirement for imports of laptops, tablets and personal computers with immediate effect. The official was speaking to reporters in New Delhi. Reporting by Sarita Chaganti Singh; Editing by Jacqueline Wong, Jane Merriman and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Information Technology Rajeev Chandrasekhar, Amit Dave, Sarita Chaganti Singh, Jacqueline Wong, Jane Merriman, Tomasz Janowski Organizations: Information Technology, REUTERS, Thomson Locations: Gandhinagar, India, New Delhi

Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Narendra Modi, Elon Musk, Elon, BYD, Tesla, Modi, Musk, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: India's, India's Press, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: New York City , New York, U.S, India, New Delhi, Thailand, New York, China, Shanghai

☆ India's license mandate for laptop, tablet imports, in compliance with WTO - source
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: 1 min

A boy tries to use an Apple laptop at a computer shop in Tokyo, Japan, May 10, 2019. REUTERS/Issei Kato/file photoNEW DELHI, Aug 3 (Reuters) - India will impose a licensing requirement for imports of laptops, tablets and personal computers to ensure security of its citizens, a source familiar with the matter told Reuters on Thursday, adding the decision was in compliance with the World Trade Organization's requirements. Reporting by Shivangi Acharya, writing by Tanvi Mehta; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Shivangi Acharya, Tanvi Mehta, Bernadette Baum Organizations: REUTERS, Reuters, Trade, Thomson Locations: Tokyo, Japan, DELHI, India

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Elon Musk, Tingshu Wang, Elon, BYD, Tesla, Narendra Modi, Modi, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: Tesla, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: Beijing, China, India, New Delhi, Thailand, New York, Shanghai

But Chinese suppliers could be critical if Tesla were to establish a plant in India and keep costs in check for a cheap EV. Instead, the Indian officials said they had suggested a workaround in which Tesla would emulate the approach of Apple (AAPL.O). The U.S. smartphone giant in recent months has obtained approvals to bring Chinese suppliers to India after they found local joint-venture partners. New Delhi in recent months has been approving some Chinese suppliers' JV partnerships with Indian companies on a case-to-case basis, one of the government sources said. One of the Indian officials said pairing local and Chinese players could work for Tesla.

Persons: Dado Ruvic, Tesla, Elon Musk, Apple, China's BYD, Nikunj Ohri, Acharya, Nikunj, Aditi Shah, Aditya Kalra, Jason Neely Organizations: Elon, REUTERS, DELHI, Apple, Tesla, Tata Motors, U.S ., Thomson Locations: India, China, New Delhi, U.S, . New Delhi

Companies Tesla Inc FollowNEW DELHI, July 28 (Reuters) - Two senior Tesla executives discussed the company's plans to enter India with officials from the country's investment promotion arm in New Delhi, two people with direct knowledge of the matter said, the latest in a series of high-level talks. Invest India CEO Nivruti Rai, a former Intel executive, held talks with the Tesla executives during a meeting on Thursday, they added. Tesla and Invest India did not immediately respond to requests for comment. Most Tesla meetings with Indian officials have been kept under wraps. Reporting by Aditya Kalra, Shivangi Acharya and Aditi Shah; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: carmaker, Rohan Patel, Roshan Thomas, Nivruti Rai, Piyush Goyal, Tesla, Aditya Kalra, Shivangi Acharya, Aditi Shah, Kirsten Donovan Organizations: Tesla, Invest, Intel, Reuters, Thomson Locations: DELHI, India, New Delhi, U.S, Invest India

NEW DELHI, July 24 (Reuters) - Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters. The meeting with the commerce minister would be the highest level discussions between Tesla and the Indian government since June when Elon Musk met India's Prime Minister Narendra Modi and said he intended to make a significant investment in the country. The $24,000 target price for the new Tesla vehicle was reported earlier this month by The Times of India newspaper. Reuters reported in May that Tesla executives visited India and held talks with officials on establishing a manufacturing base for cars and batteries in India. As part of that, Tesla representatives are set to meet Indian commerce minister Piyush Goyal, the first person said, and discussions are expected to centre around setting up an EV supply chain and discussing land allotment for a factory.

Persons: Tesla, Elon Musk, Narendra Modi, Piyush Goyal, Shivangi Acharya, Nikunj, Kevin Krolicki, Kirsten Donovan Organizations: Reuters, India's, EV Tesla, The Times, Thomson Locations: DELHI, India, China, New Delhi

[1/2] Rescuers work at the site of an apartment building damaged during Russian missile strikes, amid Russia’s attack on Ukraine, in Kyiv, Ukraine June 24, 2023. Most western countries including the U.S., United Kingdom, Germany and France had pushed for a firm condemnation of Russia and the war in Ukraine, whereas Russia and its friend China had opposed any such move, the official added. The gathering in the western state of Gujarat was the G20's third finance track meeting under India's presidency. India has not been able to forge a joint statement in any of the key tracks since it took over the presidency of G20 last December. Reporting by Shivangi Acharya and Sarita Chaganti Singh; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: China, Janet Yellen, Shivangi Acharya, Sarita Chaganti Singh, Simon Cameron, Moore Organizations: Russian, REUTERS, Indian, Reuters, United Nations, Treasury, Thomson Locations: Ukraine, Kyiv, Valentyn, GANDHINAGAR, India, Russia, Gandhinagar, U.S, United Kingdom, Germany, France, Gujarat, Bengaluru

GANDHINAGAR, India, July 17 (Reuters) - Debt restructuring talks made little progress during the third finance meeting of the G20 countries in India as the bloc was unable to overcome key differences and low attendance due to domestic issues adding to the roadblocks. The finance ministers of the G20 countries gathered in the western Indian state of Gujarat, hoping to push for agreements on debt restructuring for vulnerable countries, global minimum taxation and reforms on multilateral development banks. "We are not making much headway with the debt restructuring issue," a senior official, who is part of the meeting, told Reuters on Monday. Officials said several finance ministers were forced to skip the meetings due to domestic issues that were a "priority". Finance ministers from Japan, Australia, Canada, Indonesia, South Korea, Indonesia, South Africa, along with the United States and India were present.

Persons: Janet Yellen, Joachim Nagel, Aftab Ahmed, Chizu Organizations: Reuters, United, Treasury, Officials, Finance, Thomson Locations: GANDHINAGAR, India, Gujarat, Zambia, United States, New Delhi, Japan, Australia, Canada, Indonesia, South Korea, South Africa, Argentina, Brazil, France, Mexico, Germany's, Parisian, Germany

☆ Exclusive: India to push G20 to raise share of taxes on firms where they earn 'excess profit'
▼ + stars: | 2023-07-16 | by ( Shivangi Acharya Sarita Chaganti Singh Nikunj Ohri | Shivangi Acharya | Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

"India has made suggestions to get its due share of taxing rights on excess profits of multinational companies," one official said. The suggestions have been made to the OECD and will be discussed "extensively" during the G20 meeting on Monday and Tuesday, the official said. Under the agreement, global corporations with annual revenues over 20 billion euros ($22 billion) are considered to be making excess profits if the profits exceed 10% annual growth. The 25% surcharge on these excess profits is to be divided among countries. The G20 host nation will also propose that withholding taxation be de-linked from the excess profit tax principle.

Persons: Sarita Chaganti Singh, Shivangi Acharya, Nikunj, Aftab Ahmed, William Mallard Organizations: Organisation for Economic Cooperation, Development, OECD, People's, India's Consumer, Thomson Locations: DELHI, India, Australia, Japan, Gujarat, U.S, New Delhi

☆ Exclusive: India to push G20 to raise share of taxes on firms where they earn 'excess profit,' officials say
▼ + stars: | 2023-07-16 | by ( Shivangi Acharya Sarita Chaganti Singh Nikunj Ohri | Shivangi Acharya | Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

"India has made suggestions to get its due share of taxing rights on excess profits of multinational companies," one official said. The suggestions have been made to the OECD and will be discussed "extensively" during the G20 meeting on Monday and Tuesday, the official said. Under the agreement, global corporations with annual revenues over 20 billion euros ($22 billion) are considered to be making excess profits if the profits exceed 10% annual growth. The 25% surcharge on these excess profits is to be divided among countries. The rules now say countries offset their share of taxes with the withholding tax they collect.

NEW DELHI, July 14 (Reuters) - Indian refiners have settled some payments for Russian oil imports in Chinese yuan, but the U.S. dollar remains the dominant currency for such payments, a senior government official said. Reuters reported earlier this month that Indian refiners have started turning to the yuan for some payments for Russian oil. "Use of yuan for payment by India will remain limited, given India doesn't accumulate much yuan as export to China is low," the official, who did not want to be named, told Reuters. The official also said the Reserve Bank of India will release guidance for banks in two to three days to resolve some teething issues on the rupee trade mechanism. "The issue with rupee trade is that it can only work as a barter currency," the official said.

Persons: Sergei Lavrov, Shivangi Acharya, Aftab Ahmed, Nikunj, Devika Organizations: U.S, Reuters, Reserve Bank of India, Russian, Thomson Locations: DELHI, India, Moscow, Ukraine, China, Russia

REUTERS/Nick Carey/File PhotoNEW DELHI, July 14 (Reuters) - China's BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States. The investment proposal also includes a plan by BYD and Megha to set up charging stations in India and build research and development and training centres, the sources said.

Persons: Nick Carey, BYD, Tesla, EVs, Sarita Chaganti Singh, Aditi Shah, Zoey Zhang, Shivangi Acharya, Kevin Krolicki, Jacqueline Wong Organizations: REUTERS, Reuters, BYD, Shivangi, Thomson Locations: Farnborough, Britain, DELHI, India, Hyderabad, hatchbacks, United States, New Delhi, Shanghai

REUTERS/Mukesh Gupta/File PhotoNEW DELHI, July 14 (Reuters) - India will not impose countervailing duty (CVD) on select steel products imported from China despite a recommendation from trade officials and lobbying from local steel manufacturers, a government source told Reuters. The decision by the finance ministry aims to protect steel consuming firms from higher prices even though it could hurt local steel manufacturers, the source said. In April DGTR - which is India's trade ministry's arm that investigates unfair trade practices - recommended CVD on some stainless steel flat products. The finance ministry has rejected the recommendation despite steel purchases from China touching a six-year high in April-May period, with imports rising 62%. India's finance and trade ministry did not immediately reply to emails sent after office hours.

Persons: Mukesh Gupta, Nikunj Ohri, Conor Humphries Organizations: REUTERS, Trade, Reuters, Trade Organisation, Jindal Stainless Ltd, Steel Authority of India, Thomson Locations: Jammu, DELHI, India, China

NEW DELHI, July 13 (Reuters) - Global finance chiefs will meet in India next week to discuss increasing loans to developing nations from multilateral institutions, reforming the international debt architecture and regulations on cryptocurrency, Indian officials said. The finance ministers and central bank governors from the Group of 20 (G20) nations will also discuss a multilateral agreement on taxing conglomerates with cross-border operations, while the Russian war in Ukraine was also bound to come up, they said. Senior treasury officials from Russia and China are also expected to attend, according to two Indian officials, who did not want to be named. The finance ministers and treasury heads will also attempt to bring agreement on the principles of managing cryptocurrencies in their respective geographies. Additional reporting by Maria Martinez and Leigh Thomas; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Ajay Banga, Kristalina Georgieva, Lawrence Summers, N.K, Singh, Ajay Seth, Maria Martinez, Leigh Thomas, Raju Gopalakrishnan Organizations: Global, Treasury, International Monetary Fund's, Economic, IMF, Organisation for Economic Co, Development, OECD, Thomson Locations: DELHI, India, Ukraine, Gandhinagar, Gujarat, New Delhi, U.S, Russia, China, Zambia, Ghana

☆ India restricts import of plain gold jewellery
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: 1 min

July 12 (Reuters) - India on Wednesday restricted imports on plain gold jewellery, as the world's second-largest consumer of the precious metal tries to plug loopholes in its trade policy. Import of articles of gold have been put under restriction category from free category, a government notification said, adding that import under INDIA-UAE CEPA agreement would be allowed without any import license. The move comes as importers over the last few months have been using a policy flaw to source plain gold jewellery from Indonesia without paying any import taxes. Reporting by Jose Joseph and Shivangi Acharya; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Joseph, Shivangi, Arun Koyyur Organizations: INDIA, Thomson Locations: India, UAE, Indonesia

☆ India's goods and services tax receipts rise 12% year over year in June
▼ + stars: | 2023-07-01 | by ( Shivangi Acharya | ) www.reuters.com time to read: +1 min

[1/2] An employee counts currency notes at a cash counter inside a bank in Agartala, capital of India's northeastern state of Tripura, January 29, 2010. REUTERS/Jayanta Dey/File PhotoNEW DELHI, July 1 (Reuters) - India's goods and services tax (GST) collections rose nearly 12% year-on-year to 1.61 trillion rupees ($19.61 billion) in June, a government statement showed on Saturday. The government collected 1.45 trillion rupees as GST in June 2022 and a record 1.87 trillion rupees in April 2023. It expects to garner 9.56 trillion rupees through GST in the current fiscal year that ends in March 2024. India's nominal growth is estimated to be 10.5% in the current fiscal year.

Persons: Jayanta Dey, Shivangi Acharya, Simon Cameron, Moore Organizations: REUTERS, Thomson Locations: Agartala, India's, Tripura, DELHI, Maharashtra, Karnataka, Tamil Nadu

☆ Sri Lanka parliament approves domestic debt restructuring plan
▼ + stars: | 2023-07-01 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, July 1 (Reuters) - Sri Lanka's parliament approved a domestic debt restructuring plan on Saturday that is crucial to continue a $2.9 billion bailout from the International Monetary Fund (IMF). To put its debt on a sustainable footing and pass an IMF review, Sri Lanka unveiled a much-anticipated domestic debt restructuring framework last Thursday that seeks to rework part of the island nation's $42 billion domestic debt. "This debt restructuring plan is essential for Sri Lanka to meet the target set by the IMF agreement to reduce debt from the current 128% of GDP to 95% of GDP by 2023," State Minister of Finance Shehan Semasinghe told parliament. Implementing the domestic debt plan is also crucial to push forward negotiations with bondholders and key bilateral creditors China, Japan and India. Sri Lanka aims to finalise debt restructuring talks by September.

Persons: Finance Shehan Semasinghe, Sajith Premadasa, Shivangi Acharya, Andrew Cawthorne Organizations: International Monetary Fund, Sri, Finance, Thomson Locations: COLOMBO, Sri Lanka, China, Japan, India, New Delhi

☆ Indian government meets Foxconn, Samsung, Reliance to improve PLI scheme
▼ + stars: | 2023-06-28 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

REUTERS/Carlos Garcia RawlinsNEW DELHI, June 28 (Reuters) - The Indian government met large global firms such as Foxconn (2354.TW), Samsung Electronics (005930.KS) and Reliance Industries (RELI.NS) to find ways to boost manufacturing in the country with its production-linked incentive (PLI) scheme. The PLI scheme, introduced in late 2020, is Prime Minister Narendra Modi's main industrial policy to boost manufacturing. The government has so far announced incentives for 14 sectors including electronics and technology products, pharmaceutical drugs, and drones, among others, drawing investments totalling 625 billion Indian rupees ($7.62 billion) until March 2023, per the statement. Investments under the PLI scheme are expected to rise further to 2.74 trillion rupees as it runs its course, according to government estimates. With more than 1.97 trillion rupees earmarked for incentives, payouts totalled 29 billion rupees until fiscal 2023 across eight industries.

Persons: Carlos Garcia Rawlins, Piyush Goyal, Narendra, Shivangi Acharya, Janane Organizations: REUTERS, Samsung Electronics, Reliance Industries, India's Trade, Dell, Nokia Solutions, Investments, Thomson Locations: Taipei, Taiwan, DELHI, New Delhi

A source previously told Reuters that Musk would brief Modi on plans to set up a manufacturing base in India. "He (Modi) really cares about India because he's pushing us to make significant investments in India, which is something we intend to do," Musk told ANI. Executives of Tesla visited India and held talks with Indian bureaucrats and ministers last month on establishing a manufacturing base for cars and batteries in India. U.S. companies need to reduce reliance on China as a manufacturing base in the face of tensions between Washington and Beijing. If we don't obey local government laws, we will get shut down...," Musk told reporters on Tuesday.

Persons: Elon Musk, Narendra Modi, Modi, Musk, Tesla, Jack Dorsey, Hyunjoo Jin, Shivangi Acharya, Aftab Ahmed, Aditya Kalra, Aditi Shah, Tanvi Mehta, Conor Humphries, Angus MacSwan, Mark Heinrich, Cynthia Osterman, Kim Coghill Organizations: Reuters, Tesla, Twitter, Thomson Locations: United States, India, U.S, China, Washington, Beijing

☆ Musk to brief Modi on Tesla's India investment plans in U.S. meeting
▼ + stars: | 2023-06-20 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

June 20 (Reuters) - Tesla (TSLA.O) chief executive Elon Musk will directly brief Indian Prime Minister Narendra Modi on plans to set up a manufacturing base there, a source with direct knowledge said. Executives of the U.S. automaker visited India and held talks with Indian bureaucrats and ministers last month on establishing a manufacturing base for cars, and also to make batteries in India. Musk will discuss investment plans and outlook with Modi, the source said, describing the planned discussion as a "high-level meeting about India's economic potential". "Tesla has very strong plans for India, including looking at manufacturing," the person added. Tesla last year shelved its India entry plans due to high import tax structures, but has renewed talks in recent weeks by sharing plans with Indian officials about a manufacturing base there, which India has long sought.

Persons: Elon Musk, Narendra Modi, Musk, Modi, Tesla, Jack Dorsey, Shivangi Acharya, Aftab Ahmed, Aditya Kalra, Aditi Shah, Hyunjoo Jin, Conor Humphries, Angus MacSwan, Mark Heinrich Our Organizations: Indian, U.S ., Apple, Twitter, Reuters, Thomson Locations: United States, India, Indian, U.S, China, Washington, Beijing

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