New Delhi: Elon Musk-led electric vehicle maker Tesla plans to import automobile components valued at $1.7-$1.9 billion from India this year, Commerce and Industry Minister Piyush Goyal said Wednesday.
Speaking at the 63rd annual convention of the Automotive Component Manufacturers Association of India (ACMA), Goyal also said the US-headquartered firm had sourced vehicle parts worth $1 billion from India last year.
“Tesla last year already bought $1 billion worth of components from India…this year their target is $1.7-$1.9 billion,” Goyal said.
Replying to a question on media reports that the Centre was considering a duty concession for completely built-up units to attract a certain section of electric cars into India, the minister said the government must try to attract investments in this area.
“But this government also has a track record of nine years plus now, where everything we’ve done has been done equally, without any differentiation or without any preferences…This government provides equal opportunity to everybody. So, we’ll come out with a policy, which will be in consultation with all the stakeholders. Both ACMA and SIAM (Society of Indian Automobile Manufacturers) will have a role in drafting the policy,” he said.
He also said that the current dispensation was a “listening” government that keeps its eyes and ears open.
“The government looks at trends around the world, looks at opportunities…and is continuously making every effort to attract newer investments, newer opportunities to serve all of you and to open up doors for our young boys and girls in the future. You can see that going forward, there will be a natural demand or shift, driven by an economic story, driven by a compulsive pace towards sustainability by which we will see the electric auto industry growing…,” he added.
The government, he said, would like to see more investments and a larger production output of electric vehicles in India “as soon as possible”.
“The idea being that as we get large scale production, we’ll start enjoying the fruits of economies of scale. We will start enjoying the fruits of new technologies, innovation, R&D coming in,” he said.
Also read: India has ambitious targets to blend ethanol with petrol. But supply remains a major constraint