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Former president Donald Trump has said Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> will meet him next week during his upcoming three-day visit to the US. While the Republican presidential candidate slammed India as an "abuser" on the issue of import tariffs, he described Modi as a "fantastic man". PM Modi will be visiting the US from September 21 to 23. Speaking on Tuesday at his first public appearance following the recent apparent assassination attempt, Trump said Modi will meet him next week when he is in the US. "So when India, which is a very big abuser. He (Modi) happens to be coming to meet me next week, and Modi, he's fantastic. I mean, fantastic man. A lot of these leaders are fantastic," Trump said, reiterating that India imposes heavy tariffs on imports. The former president revealed the information as he spoke about trade and tariffs while responding to a question at a town hall meeting in Flint, Michigan. He went on to say, "These people are the sharpest people. They're not a little bit backwards...You know the expression, they're at the top of their game, and they use it against us. But India is very tough. Brazil is very tough....China is the toughest of all, but we were taking care of China with the tariffs." "So we're going to do a reciprocal trade. If anybody charges us 10 cents, if they charge us USD 2, if they charge us a hundred per cent, 250, we charge them the same thing. And what's going to happen? Everything's going to disappear, and we're going to end up having free trade again. And if it doesn't disappear, we're going to take in a lot of money," he said. Modi will begin his trip with the <keyword id="23214075" type="General" weightage="20" keywordseo="Quad-Leaders-Summit" source="keywords">Quad Leaders' Summit</keyword> being hosted by President Joe Biden in Wilmington, Delaware. The summit will be attended by Prime Minister Anthony Albanese of Australia and Prime Minister Kishida Fumio of Japan. Modi will then travel to New York and address a mega community event in Long Island on September 22. He will address world leaders at the landmark Summit of the Future event at the UN headquarters the next day. Modi's visit comes less than two months before the US heads into presidential elections with Trump and Democratic presidential nominee Vice President Kamala Harris in the race for the top job. The US general elections will take place on November 5.

Trump says PM Modi will meet him during US visit, calls him 'fantastic'

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> settled for the day lower by 10 paise at 83.50 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said the downside in the rupee was restricted by easing political uncertainties as <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> was sworn in as Prime Minister on Sunday for a record-equalling third term. At the interbank foreign exchange, the local unit opened at 83.48 and settled for the day lower by 10 paise at 83.50 (provisional) against the American currency. On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar. "We expect the rupee to trade with a slight negative bias on strong US Dollar amid rising expectations of a delay in interest rate cut by the US Federal Reserve due to tight job market," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, softening crude oil prices and optimism over a stable government may support the rupee at lower levels. Traders may take cues from inflation data from India and the US. Investors may also watch out for the Federal Open Market Committee (FOMC) meeting this week. USD/INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.27, higher by 0.37 per cent. Brent crude futures, the global oil benchmark, advanced 0.21 per cent to USD 79.79 per barrel. Modi will be heading a 72-member Union Council of Ministers putting emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government. Along with Modi, senior BJP leaders including Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar, all ministers in the Modi 2.0 cabinet, took oath as cabinet ministers at the Rashtrapati Bhavan. On the domestic equity market, the 30-share BSE Sensex declined 203.28 points, or 0.27 per cent, to close at 76,490.08 points. The broader NSE Nifty settled 30.95 points or 0.13 per cent lower at 23,259.20 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,391.02 crore, according to exchange data. Meanwhile, India's forex reserves jumped USD 4.837 billion to a new all-time high of USD 651.51 billion for the week ended May 31, the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> said on Friday. In the previous reporting week, the overall reserves had dropped USD 2.027 billion to USD 646.673 billion.

Rupee falls 10 paise to close at 83.50 against US dollar; Downside restricted by easing political uncertainties, per traders

The rupee depreciated 10 paise to 83.50 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Monday, largely due to the rise in the <keyword id="19976503" type="General" weightage="20" keywordseo="dollar-index" source="keywords">dollar index</keyword> and US yields. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said uncertainty among market players was down as <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> was sworn in as Prime Minister on Sunday for a record-equalling third term. However, the strength of the American currency in the international market weighed on the local unit. At the interbank foreign exchange market, the local unit opened at 83.48 and lost further ground to trade at 83.50 against the greenback, registering a loss of 10 paise from its previous closing level. On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar. According to Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP, the rupee opened at 83.50 largely due to the rise in the dollar index and US yields. "The Reserve Bank of India (RBI) should be present protecting the rupee as existing policies of the government will continue with largely the same cabinet as in Modi-2.0," Bhansali said. Modi will be heading a 72-member Union Council of Ministers putting emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government. Along with Modi, senior BJP leaders including Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar, all ministers in the Modi 2.0 cabinet, took oath as cabinet ministers at the Rashtrapati Bhavan. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.18, higher by 0.29 per cent. Brent crude futures, the global oil benchmark, advanced 0.31 per cent to USD 79.87 per barrel. On the domestic equity market, both benchmark indices, Sensex and Nifty, scaled record high levels in initial trade. The 30-share BSE Sensex was trading 292.08 points, or 0.38 per cent higher at 76,985.44 points. The broader NSE Nifty was trading at 23,291.50 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,391.02 crore, according to exchange data. Meanwhile, India's forex reserves jumped USD 4.837 billion to a new all-time high of USD 651.51 billion for the week ended May 31, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped USD 2.027 billion to USD 646.673 billion. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/tata-altroz-racer-hatchback-launched-in-india-starting-at-9-49-lakh/articleshow/110798203.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-altroz-racer-hatchback-launched-in-india-starting-at-9-49-lakh/articleshow/110798203.cms" target="_blank">Tata Altroz Racer hatchback launched in India starting at ₹9.49 lakh</a><a href="https://www.businessinsider.in/business/webstories/nvidia-beats-apple-becomes-second-most-valuable-company-top-10-companies-by-market-cap/slidelist/110793951.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/webstories/nvidia-beats-apple-becomes-second-most-valuable-company-top-10-companies-by-market-cap/slidelist/110793951.cms" target="_blank">Nvidia beats Apple, becomes second most valuable company: Top 10 companies by market cap</a><a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, annual shipments expected to end in a decline</a>

Rupee falls 10 paise to 83.50 against US dollar in early trade

<ul class="summary-list"><li>In a move likely to anger the US, Modi is visiting Russia.</li><li>It signals strong ties between the two countries and shows that India is pursuing its own agenda.</li></ul>In a move likely to anger the US, Indian Prime Minister Narendra Modi is visiting Russia on Monday for his first bilateral trip after winning a <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">historic third term</a> in office.Modi's two-day visit to Russia — where he is scheduled to meet with President Vladimir Putin — is significant in that it signals strong ties between New Delhi and Moscow. It also shows the world that India is not afraid to pursue its own agenda.Vinay Kwatra, India's foreign secretary, told reporters in New Delhi that issues between Russia and India have "piled up" and "need to be addressed," <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-07/putin-hosts-modi-after-hailing-best-in-history-ties-with-india-rival-china">Bloomberg reported</a>.Russia's relationship with India goes back to the Cold War, and <a target="_blank" href="https://www.businesstoday.in/india/story/rise-in-trade-with-russia-not-a-temporary-phenomenon-s-jaishankar-429969-2024-05-17">trade between the two countries</a> has grown since Russia started the war in Ukraine. <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-oil-india-purchases-us-crude-wti-sanctions-ukraine-war-2024-3">India is a major buyer of Russian oil</a>. Russia is also India's biggest arms supplier.Kwatra underscored that the two countries' trade relationship has remained "resilient."Still, Modi's trip will "rankle many Western observers," Ved Shinde, a researcher and contributor to Australia's <a target="_blank" href="https://www.lowyinstitute.org/the-interpreter/why-modi-will-go-moscow">Lowy Institute</a>, wrote in a note on Wednesday."Since the Ukraine war began, India's purchase of cheap oil from Russia has been seen as profiting from troubles in the heart of Europe," Shinde added.<h2 id="05696275-c92a-4ee6-84e4-fd193ca99db2">Modi's visit to Russia will make the US look bad</h2>Just like <a target="_blank" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Putin's visit to supply-chain hot spot Vietnam</a>, India's engagement with Russia isn't a good look for the US, as it comes while Washington is trying to isolate Putin.The US has raised "some concerns" about India's relationship with Russia with New Delhi, Kurt Campbell, the <a target="_blank" href="https://www.state.gov/special-online-briefing-with-deputy-secretary-of-state-kurt-m-campbell/">US deputy secretary of state</a>, said last month.However, Washington acknowledges that India's ties with Russia are different from its ties with the US."We have many areas of alignment, but it is not surprising that there would be areas where we've had perhaps different perspectives, views, historical ties," Campbell said about America's relationship with India.India, for its part, is looking to balance its relationship with the world's key powerbrokers: the US, Russia, and China."There are different degrees in India's multi-alignment. Make no mistake — the United States and its allies are more consequential for India's future than its relationship with Russia," Shinde wrote.India needs to leverage its historical ties with Russia to secure its economy and security, so Modi isn't just in Russia for a goodwill trip.<h2 id="c79db6fd-b57b-4ff5-8f16-bc16c77b8021">Reducing the trade imbalance</h2>A key agenda item for the visit is to reduce a huge bilateral trade imbalance, Kwatra said.India imports about $60 billion of goods a year from Russia, but Russia buys less than 10% of this amount from India, Bloomberg reported.Modi may also touch on China's activities in the Indo-Pacific region, Kwatra added.India is trying to manage its relationship with China, which has been testy since a <a target="_blank" href="https://www.businessinsider.com/india-china-border-clashes-could-cause-more-indian-ocean-activity-2020-7">border dispute in 2020</a>. Modi skipped the Shanghai Cooperation Organisation summit in Kazakhstan last week.There's also the matter of Russia's ties with China.At the summit last week, Putin said <a target="_blank" href="https://apnews.com/video/kazakhstan-china-government-russia-government-russia-5b1c1a8f402c400d8d703543b0562b51">Russia's relationship with China</a> is in the "best period in history."Modi now needs to cozy up to Putin to counter China's advances."The reason for the time-tested stability in India-Russia ties is to maintain a continental balance in the Eurasian heartland. That is, to balance China," Shinde wrote."Or to put it another way, don't go around making new adversaries when there are already two open fronts — China and <a target="_blank" href="https://www.businessinsider.com/us-and-china-pick-sides-in-tense-india-pakistan-rivalry-2022-3">Pakistan</a>," he added.

Modi's Russia visit shows India isn't worried about making the US mad

The Indian contingent of the <keyword id="20420017" type="General" weightage="100" keywordseo="paris-paralympics" source="keywords">Paris Paralympics</keyword> on Thursday morning left from their hotel at the national capital in New Delhi to meet Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. Earlier on Tuesday, the Indian contingent of the <keyword id="19916613" type="General" weightage="20" keywordseo="paris" source="keywords">Paris</keyword> Paralympics returned back to India after their record-breaking performance at the multi-sport event. Speaking to ANI, Paris Paralympics bronze medalist <keyword id="20359922" type="General" weightage="20" keywordseo="simran-sharma" source="keywords">Simran Sharma</keyword> said that it is a matter of pride for the contingent since they will be meeting <keyword id="19899320" type="General" weightage="20" keywordseo="pm-modi" source="keywords">PM Modi</keyword>. "It feels great, this is a matter of pride for us. PM speaks to us even before we leave to play our game. He makes athletes feel special. Perhaps that is why we are receiving a lot of support and the medal tally is improving and we won 29 medals. I am gifting my spikes, that I used while sprinting, to him," Simran said. Star para javelin-thrower Sumit Antil said that PM Modi has motivated them in the past. "The entire contingent is very happy and excited. He motivated us in the past and today we will come back motivated for our upcoming events. The way in which he supports the athletes, it feels like a family. Meeting him feels good...," Antil said. Paris Paralympics gold medalist <keyword id="20036346" type="General" weightage="20" keywordseo="harvinder-singh" source="keywords">Harvinder Singh</keyword> said that he was happy to meet to PM Modi. "I feel very happy. I have returned after becoming a champion in para-archery at Paris Paralympics. This is a historic medal for the country. I am happy to be meeting the PM today. I am taking one of my arrows that I used in the final, as a gift for the PM," Harvinder said. Para-discus thrower Yogesh Kathuniya said that meeting with PM Modi will help them in the long run. "There is a lot of excitement that we will celebrate our victory with him (PM Modi). It feels great that a Prime Minister holds one-to-one interaction with you. We will talk, even about the time to come. That fills a spark in our life. This will help us in the long run...I am taking my discus to him as a gift...," Kathuniya said. Paris Paralympics gold medalist Navdeep Singh said that the Indian contingent is very proud to have the opportunity to meet PM Modi. "It feels great. We are meeting the Prime Minister of the country. We feel proud that we have received the opportunity to meet him. I am excited and delighted...," Navdeep said. Paralympian-archer <keyword id="20121984" type="General" weightage="20" keywordseo="sheetal-devi" source="keywords">Sheetal Devi</keyword> said that PM Modi has always been "motivating and blessing" the Indian contingent. "I am very happy that we are all going to meet PM Modi...He has been motivating and blessing us. I am delighted...," Sheetal said. The Indian contingent concluded its Paralympics campaign in Paris on Sunday with a record haul of 29 medals, including seven golds, nine silvers, and 13 bronzes. The 29-medal tally is the most by India in the history of the Paralympics. Following the conclusion of the landmark campaign, India surpassed its record medal tally of 19, which was achieved at the Tokyo 2020 Paralympics. India ended the marquee event in the 18th position.

Indian contingent of Paris Paralympics to meet PM Modi today

<ul class="summary-list"><li><keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>'s intended visit to <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> involved his meeting with PM Modi this month.</li><li>Musk cited "heavy <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword> obligations" in an X post on Saturday as the cause for the delay. </li></ul><a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has postponed his trip to India amid the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">ongoing chaos at Tesla.</a> Musk announcement the decision <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1781541775183610310">via X</a> — the social media site he purchased two years ago — on Saturday. The Tesla CEO was expected to visit India early next week to <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1778116984137245137?s=43&amp;t=UxKjJPmEjJhI62R8aL9cBQ">meet with Prime Minister Narendra Modi.</a> "Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk wrote. Musk didn't publicly share many details about the trip, but sources <a target="_blank" class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/teslas-musk-likely-unveil-2-3-bln-india-investment-during-visit-sources-say-2024-04-17/#:~:text=NEW%20DELHI%2C%20April%2017%20(Reuters,familiar%20with%20the%20discussions%20said.">told Reuters</a> he planned to announce a $2 to $3 billion investment in India. Musk wants to build a new factory in India, where the <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> is tiny but gaining steam, the outlet reported. The planned visit from Elon Musk coincided with the ongoing National Lok Sabha Elections in India. He confirmed on X that his visit would include a possible meeting with Prime Minister Narendra Modi, after which it was expected that they would together announce Tesla's official entry to India. While this might have benefitted the ruling party amid the crucial elections, the opposition is now capitalising on the delay in Musk's visit. On Saturday, senior Congress leader Jairam Ramesh <a href="https://twitter.com/Jairam_Ramesh/status/1781641711111803382" data-type="tilCustomLink">wrote on X</a>, "It was odd that Elon Must was coming all the way to India to meet an outgoing Prime Minister. He too has now read the writing on the wall and decided to put off his visit. INDIA’s PM will welcome him soon, and the INDIA Government will promote electric vehicles even more aggressively - I myself am a user of one!" Musk hinted at India's growing EV market in an <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/870411649621999617?s=43&amp;t=UxKjJPmEjJhI62R8aL9cBQ">X post</a> last week. "India commits to sell only electric cars by 2030. It is already the largest market for solar power," he wrote. Musk's decision to <keyword id="20881838" type="General" weightage="20" keywordseo="postpone" source="keywords">postpone</keyword> <a target="_blank" href="https://www.businessinsider.com/tesla-rough-year-sales-slump-layoffs-china-ev-competition-2024-4">coincides with Tesla sharing its Q1 earnings on April 23</a>, when Musk and investors will reckon with the company's tumultuous start to 2024. <div type="image" title="A parking lot outside a Tesla building." height="609" width="1024" msid="109463369" hostid="261"></div> BI reported in early April that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/china-electric-cars-ev-elon-musk-tesla-byd-price-war-2024-4">Musk's Tesla has struggled to compete in China's EV market</a> as rival companies make "aggressive price cuts." An equities strategist told BI that Tesla's troubles in China likely contributed to the company's first-quarter delivery miss. Around that time, <a target="_blank" class="editor-rtfLink" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-q1-vehicle-delivery-miss-expectations-tsla-musk-2024-4">Tesla stock slid 7%</a>. By mid-April, Musk announced that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-sent-tesla-employees-email-announcing-layoffs-read-memo-2024-4">Tesla would layoff 10% of its global workforce</a> in an internal memo to staff. The recent layoffs were further bogged down by reports that some employees <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/elon-musk-tesla-apologizes-severance-packagaes-layoffs-2024-4">received "incorrectly low" severance packages</a>. Another round of layoffs <a target="_blank" href="https://www.businessinsider.com/tesla-layoffs-continue-recruiters-2024-4">hit its recruiting department</a> on Friday. Tesla also recently recalled<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-accelerator-fault-pad-pedal-electric-vehicle-truck-2024-4#:~:text=Tesla%20is%20voluntarily%20recalling%20almost%204%2C000%20Cybertrucks%20over%20a%20fault,%2C%20and%20April%204%2C%202024."> almost 4,000 of its Cybertrucks</a> over faulty accelerator pedals. Musk wrote on X that Tesla was unaware of any "injuries or accidents" related to the problem. "We are just being very cautious," <a target="_blank" class="editor-rtfLink" href="https://twitter.com/elonmusk/status/1780778694535192598">Musk wrote</a>. Musk did not immediately respond to a request for comment from Business Insider.

Elon Musk cancels trip to India as Tesla's struggles continue in the US

Fresh from his exploits in India's first-ever title-winning campaign at the <keyword id="20392615" type="General" weightage="20" keywordseo="Chess-Olympiad" source="keywords">Chess Olympiad</keyword>, <keyword id="21250789" type="General" weightage="20" keywordseo="Grandmaster" source="keywords">Grandmaster</keyword> <keyword id="20322293" type="General" weightage="100" keywordseo="Vidit-Gujrathi" source="keywords">Vidit Gujrathi</keyword> has decided against defending his crown at the 10th Vugar Gashimov Memorial Chess Super Tournament in <keyword id="19940590" type="General" weightage="20" keywordseo="Azerbaijan" source="keywords">Azerbaijan</keyword> for an audience with Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> here on Thursday. Gujrathi had won the Azerbaijan event last year after outperforming compatriot <keyword id="20489182" type="General" weightage="20" keywordseo="Arjun-Erigaisi" source="keywords">Arjun Erigaisi</keyword>. He was a part of the <keyword id="20634536" type="General" weightage="20" keywordseo="Indian-mens-team" source="keywords">Indian men's team</keyword>, which also included <keyword id="20336261" type="General" weightage="20" keywordseo="D-Gukesh" source="keywords">D Gukesh</keyword>, <keyword id="20080528" type="General" weightage="20" keywordseo="R-Praggnanandhaa" source="keywords">R Praggnanandhaa</keyword> and Arjun, that won a historic Chess Olympiad gold in the Open category. Gujrathi took to 'X', formerly twitter, to inform that he reached Baku for the event but decided to return to India to meet Modi on learning about the felicitation function. "I reached Baku and I got to know our Hon'ble PM wants to felicitate the Indian team. I was overjoyed when I heard this and I wanted to be a part of it. It's amazing at how such short notice he is taking out time for us," Gujrathi wrote on 'X'. Gujrathi, 29, has been replaced by Aravindh Chithambaram for the event to be held from September 25-30. "I contacted Sarkhan Gashimov (organiser) and he understood my sentiments. Big thanks to him! Wishing Aravindh the best to play against top players in this prestigious event," Gujrathi wrote.

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