APRIL 20248TOP STORIESTESLA SPECULATED TO PARTNER WITH RELIANCE FOR EV MANUFACTURINGTesla's potential entry into the Indian automobile market is gaining traction, with reports suggesting that the company is in discussions with Reliance Industries (RIL) for a joint venture to establish a manufacturing facility in the country. The joint venture aims to develop electric vehicle capabilities in India, leveraging Tesla's expertise in electric vehicle technology and RIL's extensive resources and network in the country.While the specific role of RIL in the joint venture is yet to be finalized, it is anticipated that the conglomerate will play a significant role in setting up the manufacturing facility and creating the necessary ecosystem for Tesla in India. These discussions have been ongoing for over a month and are still in the initial stages.Tesla's CEO, Elon Musk, recently expressed interest in providing electric vehicles in India, citing the country's growing population and the need for sustainable transportation options. This aligns with India's push towards electric mobility to combat pollution and reduce dependence on fossil fuels.Various states in India, including Maharashtra, Gujarat, and Telangana, have reportedly presented attractive land proposals to Tesla for the setup of an electric vehicle manufacturing facility. Discussions are underway, and the proposed facility, requiring an investment of $2 billion to $3 billion, aims to cater to both domestic and international demand for Tesla's electric vehicles.Moreover, reports indicate that Tesla has begun production of right-hand drive vehicles at its facility in Germany, with plans to export these cars to India later this year. This development underscores Tesla's progress toward potential entry into India, one of the largest automotive markets globally.Overall, Tesla's potential collaboration with Reliance Industries and its plans to establish a manufacturing facility in India signifies a significant step forward in the country's transition towards electric mobility and sustainable transportation. India aims to significantly increase its domestic steel production capacity to 500 million tonnes per annum by 2047 while simultaneously reducing emission intensity, according to officials familiar with the plan.The country plans to lower emission intensity to 2.25 tonnes of CO2 per tonne of crude steel (2.25 T/tcs) production by FY29, down from the current 2.50 T/tcs, with further reductions targeted by 2047.These new targets surpass the goals outlined in India's Nationally Determined Contributions (NDCs) for the steel sector. Previously, the average CO2 emission intensity of the Indian steel industry was projected to decrease from 3.1 T/tcs in 2005 to 2.64 T/tcs by 2020 and 2.4 T/tcs by 2030, representing an approximate one percent reduction annually.Additionally, India aims to increase its steel-making capacity to 500 million tonnes by 2047, up from around 161 million tonnes currently. These plans align with the objectives set forth in the New Steel Policy (NSP), 2017, which aims to achieve 300 million tonnes of steel-making capacity by 2030, requiring substantial investments.The availability of domestic iron ore is expected to improve from 226 million tonnes to 318 million tonnes by 2047.Furthermore, the metals and mining sector is anticipated to undergo key reforms to facilitate more exploration, geological surveys, and enhanced data assessment. These objectives are currently being finalized by sectoral groups of secretaries, along with corresponding action items.To boost mineral availability, increased funding is proposed for the National Mineral Exploration Trust (NMET), with plans to improve expenditure from the fund. Changes in regulations are also being considered to allow surveys in forest areas while maintaining ecological balance. Additionally, hackathons may be organized to analyze geological data being collected.Officials also noted that vehicle scrapping is expected to remain a minor source of feedstock for steelmaking. INDIA AIMING TO INCREASE STEEL PRODUCTION TO 500M TONNES/YEAR BY 2047
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