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Tesla to launch in India. How will it affect the economy?

Union Minister Nitin Gadkari announced that Tesla would launch in the Indian market sometime soon this year. The company has registered its subsidiary in Bengaluru as well as found a location for its headquarters. They have appointed Vaibhav Taneja, Venkatrangam Sreeram, and David Jon Fonstein as the company’s directors.

The company will launch an electric sedan that is a global hit. The car is expected to be affordable for the Indian market. The price bracket starts at thirty lakh Indian rupees and will be available in three variants. 

All tesla vehicles run on electric energy and produce no carbon emissions. This also means the consumer can lower his fuel consumption and expenses. The cost of fuel in India is a pretty expensive affair, at 90.83 rupees per liter. 

What does it mean for the Indian Economy?

Tesla is a global giant in clean energy and electric vehicles and is one of the world’s fastest-growing companies. Tesla’s launch in the Indian market will enable the country to attract more EV manufactures and global industries. 

The market will also have to create infrastructure like EV charging stations, build a network of vendors, and create awareness about the technology. Though the company will not be a direct competitor to local car manufactures, it will set the country on the path to a clean energy revolution. 

We can expect the company to indirectly surge the economy by creating tech, EV, and infrastructure jobs. Tesla reportedly created 50,000 jobs in the USA last year alone. Let us hope the same for the Indian economy. 

The Covid 19 caused lockdown has a severe impact on the economy. The unemployment rate went up from 6% to 24% in May. Many are still struggling to meet daily expenses. If you have family and friends in India, do try and help out. Use Lycaremit to send home money at the lowest cost.

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