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India's finance ministry has confirmed that it currently has no intentions of granting any duty waivers for Tesla, according to Revenue Secretary Sanjay Malhotra. This statement comes as a response to recent claims made by Tesla CEO Elon Musk, who stated that Indian Prime Minister Narendra Modi had urged the company to make a significant investment in the country.
Sanjay Malhotra stated on Thursday, "Any duty waiver for Tesla is not under active consideration of the Department of Revenue, as of now."
However, reports from the Times of India suggest that Tesla is actively engaged in discussions with the Indian government regarding a potential investment proposal. These discussions revolve around establishing a factory in India capable of producing approximately 500,000 electric vehicles annually. Government sources have confirmed that talks are ongoing. Furthermore, Tesla is exploring the possibility of using India as an export hub to ship vehicles to other countries in the Indo-Pacific region.
Tesla's entry into the Indian market has faced delays in the past due to the government's refusal to lower import taxes on its vehicles. The absence of duty waivers could potentially impact the cost competitiveness of Tesla vehicles in India, making it more difficult for the company to penetrate the market and achieve significant sales volumes.
— Harshita Kumar
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