To make India a global manufacturing hub, 'Make in India' has been one of Prime Minister Narendra Modi's major initiative launched along side 'Startup India'. From relaxing foreign direct investment (FDI) norms to rolling out a simplified tax regime, the government has done a lot to lure high-profile foreign companies to set up shop in the country.
Last year, when transport minister Nitin Gadkari visited Tesla manufacturing facility in the US and he invited Musk to open a production facility in India through a proposed joint ventures between the electric carmaker and Indian automobile companies to manufacture pollution-free vehicles, and to make India a manufacturing destination for exports to south and south-east Asian countries.
Owned by well known serial entrepreneur Elon Musk, Tesla has been unmoved to India's offer of land near a major port to facilitate exports, and such other incentives.
Gadkari said the government has tried its best to bring Tesla on board.
"I have told them we will give you land at the ports, but we haven’t got any indication yet," he said.
As of now Tesla has decided to stay away from manufacturing in India, reports the Mint.
Abdul Majeed, partner and national auto practice leader, PriceWaterCooper told Mint that just establishing a plant for exports does not make sense as there needs to be a large domestic market as well.
Though Tesla is not setting up its manufacturing plant in India however last month in a reply to a tweet Elon Musk said that the company is likely to introduce its products in India sometime in the summer of 2017.
In January 2016, Tesla had opened their Gigafactory which is the biggest factory in the world. At that time, Elon Musk commented about opening more factories all over the world in near future. India being one of the destinations for that. Tesla Gigafactory is a name given to lithium-ion battery factory of Tesla Inc.
[Top Image - Shutterstock]
Last year, when transport minister Nitin Gadkari visited Tesla manufacturing facility in the US and he invited Musk to open a production facility in India through a proposed joint ventures between the electric carmaker and Indian automobile companies to manufacture pollution-free vehicles, and to make India a manufacturing destination for exports to south and south-east Asian countries.
Owned by well known serial entrepreneur Elon Musk, Tesla has been unmoved to India's offer of land near a major port to facilitate exports, and such other incentives.
Gadkari said the government has tried its best to bring Tesla on board.
"I have told them we will give you land at the ports, but we haven’t got any indication yet," he said.
As of now Tesla has decided to stay away from manufacturing in India, reports the Mint.
Abdul Majeed, partner and national auto practice leader, PriceWaterCooper told Mint that just establishing a plant for exports does not make sense as there needs to be a large domestic market as well.
Though Tesla is not setting up its manufacturing plant in India however last month in a reply to a tweet Elon Musk said that the company is likely to introduce its products in India sometime in the summer of 2017.
@goel_ishan Hoping for summer this year
— Elon Musk (@elonmusk) February 7, 2017
In January 2016, Tesla had opened their Gigafactory which is the biggest factory in the world. At that time, Elon Musk commented about opening more factories all over the world in near future. India being one of the destinations for that. Tesla Gigafactory is a name given to lithium-ion battery factory of Tesla Inc.
[Top Image - Shutterstock]
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