When will Tesla come to India? | Will India's economy double by 2030?

 

When will Tesla come to India?

 

Everyone wants to know when the world's richest man Elon Musk's electric car company Tesla will come to India. Recently, when Prime Minister Modi was on a visit to America, Elon Musk had a meeting with him. Since then, speculations are being made that Tesla is preparing to set up its manufacturing plant in India. These speculations are now seen turning into reality.

 

Actually, Elon Musk's Tesla has taken office space on lease in Pune. Its monthly rent is said to be around ₹ 11,65,000. He deposited ₹ 34,95,000 separately as a security deposit for a five-year lease. The deal also includes five car parking and 10 bike parking. Let us tell you that Tesla has signed this lease with Table Space Technology for 5850 square feet of office space in Panchshil Business Park, Pune, as per the agreement with real estate analytics firm CRE Matrix.

 

All these things show that Tesla is going to come to India very soon. Not only this, a few days back two senior Tesla representatives reportedly had a meeting with Invest India officials to set up an EV plant in India. Means Tesla's entry into India. Looking at all these reasons, it seems that it is now final. But BYD, the world's second-largest EV manufacturer, is unable to enter India.

 

BYD is also seen as a major competitor for Tesla. Like Tesla, it also wants to establish its foothold in India. But it is not getting easy for this company to enter India. In fact, the central government recently rejected Chinese electric vehicle manufacturer BYD's proposal to set up an EV manufacturing plant. BYD was preparing to invest $ 1 billion in India on an EV manufacturing plant.

 

This decision was taken only after the escalation of the India-China border dispute in the year 2020. However, this is not the first time that the government has rejected any Chinese investment. Earlier, the Indian government had also rejected China's Great Wall Motors investment proposal of one billion dollars. 

It also wanted to set up an electric vehicle manufacturing plant in the country. In fact, Chinese companies have been facing allegations of tax evasion, due to which it becomes necessary for the government to take such decisions. BYD accused of tax evasion for cars being assembled in India According to an investigation by India's Directorate of Revenue Intelligence. 

BYD has underpaid up to $9 million in taxes. Now just think that the company has already topped in tax evasion. If we set up a plant in India, what will it do next?That's why BYD is not getting permission for electric vehicle manufacturing in India. 

However, if it is seen from Tesla's point of view, then it has definitely become a very good opportunity because both Great Wall Motors and BYD are global competitors of Tesla. Both these companies are facing challenges in India. In such a situation, it would be very beneficial for Tesla to enter the world's third-largest automobile market.

 

Will India's economy double by 2030?

India is going to become a 6.7 trillion dollar economy. In the next five years, India will join the three superpowers of the world. Hearing this, if you are remembering the recent speech of Prime Minister Narendra Modi, then let us tell you that we are not going to talk about Modi ji here, but the world's biggest brokerage firm has also confirmed this thing of Prime Minister Modi. 

Today we are going to discuss this issue. Which is that brokerage firm and what have they told through their figures? Let's try to understand. If you want to understand how India's progress in the world is being talked about by foreign companies, then see how everything from the world's top brokerage houses to foreign companies has become so positive on India.

 

Then, whether you see the inclination of giant companies like Tesla to Apple towards India, or look at the ratings issued by global brokerage firm Morgan Stanley to S&P Global for India recently. Wherein another Morgan Stanley has strengthened India's outlook. While the rating has been upgraded to Overweight, S&P Global has made a big prediction on India.

 

S&P Global has projected a growth rate of 6.7% for India from the financial year 2024 to 2031. S&P Global estimates that India's GDP will grow from $3.4 trillion to $6.7 trillion from FY2024 to FY2031. During this, India's Per Capita GDP will also increase to $ 4,500.

 

S&P Global has shared this information in its August report Look Forward India Movement. However, all this cannot be achieved just like that. For this, India will also have to take some important steps. According to S&P Global, India will have to focus more on improving manufacturing and the labor force.

 

Along with this, private investment in India will also have to be encouraged. This will help in increasing the pace of India's development. S&P Global expects the Indian economy to grow at 6% for the current fiscal due to the impact of the global slowdown and interest rate hike by the RBI.

 

Despite this, India will remain the fastest-growing economy among the G20 countries and this will prove to be beneficial for India going forward. The data released by S&P Global is confirming Prime Minister Modi's statement that India will become the world's third-largest superpower in the next five years and the current $ 3.4 trillion economy will almost double in the next few years.