Latest Business News
Elon Musk Excited About Future of India
Modi and Musk’s Meeting in New York
Tesla CEO Elon Musk recently praised India, saying it has “more promise than any large country in the world.” Meanwhile, he also expressed his appreciation for India’s Prime Minister Narendra Modi. Modi and Musk last met in 2015 when the Indian Prime Minister visited Tesla’s Fremont Factory in California. Even now, he is on a state visit to the U.S. where he is holding high-level talks with leaders and business executives on defense, technology, and India’s role in the Indo-Pacific.
Biden Hosts Modi at a White House Dinner
President Joe Biden is hosting Modi at a White House dinner wherein Modi will meet a slew of business leaders, including Apple's Tim Cook, Google's Sundar Pichai, and Microsoft’s Satya Nadella. Musk said that Modi really cares about India as he is pushing the company towards significant investments in India, something they intend to do while figuring out the right timing.
Tesla’s Investments in India
India holds great potential for Tesla, according to Nilesh Shah, managing director at Kotak Mahindra Asset Management, who said that “every single U.S. company, which has a listed subsidiary in India, has seen higher growth and value creation in India.” Tesla’s investments in India would support sustainable energy generation primarily through solar and wind. Moreover, the CEO of the EV maker believes that less than 2% of India's land area would be needed to generate enough electricity to power the entire country.
Other areas of investment include stationary battery packs and electric vehicles. Additionally, Musk also wants to improve India’s internet connectivity and is hoping to bring SpaceX's Starlink satellite internet service to the South Asian nation. This could be incredibly helpful for remote or rural areas where internet access is limited. Musk added that Modi invited him to India, and he hopes this visit could be in the coming year.
The Future of India’s Partnership with the U.S.
Shah highlighted that “India will be a promising market for Tesla as their fate in China will be similar to other American car manufacturers who ended up being beaten by Chinese competitors.” U.S. investors will be reassured that building a U.S.-India partnership will be a true win-win for both countries, he added.
In conclusion, Elon Musk's excitement about the potential of India, and his positive remarks about Prime Minister Narendra Modi, bodes well for new businesses investing in the country. Tesla's investments in India will not only help promote sustainable energy generation but also improve internet connectivity in remote areas, creating additional business opportunities. With Joe Biden hosting Modi at a White House dinner, it is evident that the US-India partnership will continue to strengthen, providing a win-win situation for both countries. As suggested by Nilesh Shah, the managing director at Kotak Mahindra Asset Management, investing in India is a sure way to create growth and value for new businesses, just as is the case with US companies with listed subsidiaries in India. Overall, India's great potential for growth, as observed by Elon Musk, alongside the country's warm relations with the US and the visionary leadership of Modi, makes it an ideal destination for businesses looking for new investment opportunities in a rapidly growing and dynamic market.