PM Modi - Indians Should Lead Development, Regardless Of Investors

Prime Minister Narendra Modi wants investments in India, but he insists that the products should reflect the essence of the country and should involve Indian citizens in the manufacturing process to create job opportunities for the youth. He mentioned this in an interview ahead of the Lok Sabha elections. Elon Musk, the CEO of Tesla, expressed his support for India, which Modi appreciated. Modi also recalled visiting Musk's factory in 2015 and recently meeting him again during his visit to the US in 2023. Musk is expected to visit India soon, and there's speculation about big investments in the country.

Musk had previously expressed interest in introducing Tesla electric vehicles in India, aligning with India's commitment to fast-track the adoption of electric vehicles. Modi highlighted the significant growth in India's electric vehicle sector, with sales increasing from 2,000 units in 2014-15 to 1.2 million units in 2023-24, thanks to government incentives and infrastructure development.

Modi emphasised India's appeal for global investments, citing examples of companies like Google, Apple, and Samsung. He stressed the importance of technology transfer and his government's 'Make in India' initiative, advocating for self-reliance and job creation within the country.

The visit of Tesla's CEO to India is seen as a response to India's new EV policy, which encourages investments in manufacturing units with a focus on domestic value addition. The policy includes incentives like customs duty exemptions and import limits based on investment levels. Both Maharashtra and Gujarat governments have offered land to Tesla for setting up manufacturing plants, signalling progress in India's electric mobility landscape.