Indian Prime Minister Narendra Modi (right) meets Elon Musk (left) in New York, U.S., June 20, 2023. (Photo courtesy of Press Information Bureau of India (PIB) / Handout / Anadolu Agency via Getty Images)

Press Information Bureau of India | Anadolu Agency | Getty Images

tesla Chief executive Elon Musk said he was “very excited about India’s future”, adding that India “has more hope than any major country in the world”.

“I’m a fan of Modi,” Musk admitted in a video interview posted on Prime Minister on Tuesday. narendra modithe official YouTube page.

“He really wants to do the right thing for India. He wants to be open, he wants to support new companies, but at the same time make sure that this is an advantage for India,” the CEO of Tesla and SpaceX said at the end of their partnership said later. Meeting in New York.

Modi and Musk last met in 2015, when India’s prime minister visited Tesla’s factory in Fremont, California.

The Indian prime minister is on his first state visit to the United States, where he is expected to hold high-level talks with leaders and business executives on defence, technology and India’s role in the Indo-Pacific region.

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President Joe Biden is hosting a White House dinner in Washington on Thursday, where Modi is expected to meet with a host of business leaders including Apple’s Tim Cook and Google’s Sundar Pichai. MicrosoftSatya Nadella, CNBC’s Seema Mody reports.

Modi “really cares about India because he’s pushing us to make major investments in India and that’s something we’re going to do, we’re just trying to figure out the right timing,” Musk said.

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One analyst told CNBC that India has huge potential for Tesla.

“Every US company that has a listed subsidiary in India has experienced higher growth and value creation in India,” said Nilesh Shah, managing director, Kotak Mahindra Asset Management.

“U.S. investors will be reassured that a U.S.-India partnership will be a true win-win situation for both countries,” he added.

Elon Musk says Tesla intends to invest 'significantly' in India after meeting PM Modi

Tesla’s investment is aimed at supporting sustainable energy generation in India, mainly through solar and wind, the electric carmaker’s chief executive said.

“India is very well developed with solar energy. In fact, the land area required to generate enough electricity to power India is very small. I believe it is maybe 1% or 2% of India’s land area, so it is very feasible.”

Other investment areas include stationary battery packs and electric vehicles.

“India will be a promising market for Tesla as their fate in China will be similar to that of other US automakers who will eventually be beaten by Chinese competitors,” Shah stressed.

Musk also said he was keen on improving internet connectivity in India and wanted to bring SpaceX’s Starlink satellite internet service to the South Asian country.

This is “very helpful for remote or rural areas where they may not have access to the internet, or the internet is very expensive and slow,” Musk said.

Musk said Modi invited him to visit India, possibly as early as next year.

During his trip to New York, Modi met American astrophysicist Neil deGrasse Tyson, investor Ray Dalio and Grammy winner Falguni Shah.

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