Prime Minister Narendra Modi on Monday reiterated his stance on welcoming global investments into India while emphasising the importance of indigenous production during an interview with ANI prior to the upcoming Lok Sabha elections. During the conversation, PM Modi stressed the significance of ensuring that products manufactured in India are deeply rooted in the country's essence and involve its citizens in the production process to generate employment opportunities for the youth.
"I want investment to come in India because in India, it doesn't matter who has invested money, (but) the sweat put into the work must be of our own people. The product should have the essence of our soil, so that our youth in the country will get employment opportunities," PM Modi stated in response to inquiries regarding Elon Musk's Tesla and Starlink's potential ventures in India.
PM Modi also addressed Musk's public acknowledgement of being a supporter of India, highlighting his previous interactions with the entrepreneur, including a visit to Musk's factory in 2015 and a recent meeting in the US.
WATCH: This Won't Be The First Time Musk Will Meet PM Modi. Here's A Timeline Of Their Previous Encounters
Elon Musk's impending visit to India, as indicated by a post on X, Tesla's platform, is anticipated to coincide with discussions on substantial investment plans. However, the exact agenda for Musk's trip is yet to be confirmed.
Earlier comments from Musk underscored the inevitability of electric cars in India, aligning with his company's mission to provide Tesla electric vehicles in the country. PM Modi echoed this sentiment, emphasising India's commitment to advancing in the electric vehicle sector and encouraging foreign companies to invest in the burgeoning market.
Highlighting the exponential growth in electric vehicle sales in India, PM Modi noted a significant increase from 2,000 units in 2014-15 to 12 lakh units in 2023-24. Factors contributing to this surge include government incentives, infrastructural developments such as EV charging stations, growing consumer interest, and environmental initiatives.
Big Tech's Interest In India
Moreover, PM Modi discussed how global tech giants like Google, Apple, and Samsung are actively investing in India, reflecting the country's growing presence across various sectors and its eagerness to collaborate on technology transfer.
Underpinning his government's 'Make in India' initiative, PM Modi emphasised the importance of capital investment and job creation within the country. He expressed his resolve to prioritise domestic production over imports, aligning policy decisions with national interests.
The anticipated visit of Tesla's CEO aligns with India's new EV policy, which offers incentives for setting up manufacturing units in the country. The policy mandates significant levels of domestic value addition, aiming to boost localised production and reduce import dependency. Various states, including Maharashtra and Gujarat, have extended attractive land offers to Tesla, signalling a significant stride in India's electric mobility landscape and its efforts to attract foreign investment in the sector.
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