3 weeks ago
Last Updated:February 14, 2025, 03:08 IST
US President Trump said Elon Musk wants to expand business in India, but the country poses challenges for foreign investors. Musk met with PM Modi in Washington DC.
US President Donald Trump said that India has more tariffs than nearly any other nation as he rolled out reciprocal tariffs on allies and adversaries alike. (IMAGE: AP PHOTO)
US President Donald Trump on Thursday said that Elon Musk is keen on expanding business in India but the country presents significant challenges for foreign investors.
“I think Elon wants to do business in India, but India is a very hard place to do business," Trump said, shortly after the billionaire tech mogul met Prime Minister Narendra Modi in Blair House in Washington DC, the presidential guesthouse where the Indian Prime Minister is residing during his two-day visit to the US.
PM Modi said he discussed opportunities in space, mobility, technology, energy and exchanged notes on efforts at good governance in India and the US with SpaceX CEO Elon Musk here on Thursday.
US President Donald Trump chose Musk to head a new US Department of Government Efficiency (DOGE) last month.
External Affairs Minister Dr S Jaishankar and NSA Ajit Doval were also present at the meeting with Musk, also the CEO of Tesla, a US automotive and clean energy company.
A report by news agency Reuters said that Starlink’s entry in the South Asian market could come up for discussion. SpaceX’s Starlink has long wanted to launch in India, but its license application is still under review. The government has not disclosed if any such discussion took place.
“Prime Minister Modi and Mr Musk discussed strengthening collaboration between Indian and US entities in innovation, space exploration, artificial intelligence, and sustainable development. Their discussion also touched on opportunities to deepen cooperation in emerging technologies, entrepreneurship and good governance," the Ministry of External Affairs said in a statement.
Musk arrived at Blair House with his family, including three children, to meet Modi. Referring to his interaction with Musk’s family, Modi said in a post on X: “It was also a delight to meet Mr @elonmusk’s family and to talk about a wide range of subjects!" Modi also interacted with the DOGE chief’s three young children, who were present during the meeting.
Meanwhile, Donald Trump rolled out his plan to increase US tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances.
“I’ve decided for purposes of fairness that I will charge a reciprocal tariff," Trump said on Thursday in the Oval Office at the proclamation signing. “It’s fair to all. No other country can complain." Trump’s announcement came hours before he was to met Prime Minister Narendra Modi.
“India is a very hard place to do business because of the tariffs. They have the highest tariffs, just about in the world, and it’s a hard place to do business…," he said.
Trump’s Republican administration has insisted that its new tariffs would equalise the ability of US and foreign manufacturers to compete, though under current law these new taxes would likely be paid by American consumers and businesses either directly or in the form of higher prices.
The tariff increases would be customised for each country with the partial goal of starting trade new negotiations. But other nations might also feel the need to respond with their own tariff increases on American goods. As a result, Trump may need to find ways to reassure consumers and businesses to counteract any uncertainty caused by his tariffs.
Location :Washington D.C., United States of America (USA)
First Published:February 14, 2025, 02:52 IST
News india ‘Very Hard Place To Do Business’: Trump On Elon Musk’s Possible India Plans
