India Will Not Tailor Its Policies For Elon Musk's Tesla, Says Commerce Minister Piyush Goyal

Commerce and Industry Minister Piyush Goyal says India will not tailor its policies to accommodate Tesla, the US electric vehicle (EV) manufacturer. The country's laws and tariff regulations are specifically crafted to entice EV manufacturers worldwide to establish a presence in India, which is currently the world's fastest-growing economy. Tesla has been advocating for an initial tariff exemption to offset the 70% customs duty for cars priced under $40,000 and the 100% duty for higher-value cars. Cars imported as completely built units (CBUs) are subjected to customs duty ranging from 60% to 100%, based on engine size and cost. Tesla Inc's CEO Elon Musk met Prime Minister Narendra Modi last year in New York, expressing plans to visit India in 2024. Minister Goyal emphasized that the EV sector could significantly strengthen the country's macro economy.