Tesla’s Musk likely to unveil $2-$3 billion India investment during visit, sources say

FILE PHOTO: Elon Musk attends the Breakthrough Prize awards in Los Angeles, California, U.S., April 13, 2024. REUTERS/Mario Anzuoni/File Photo
NEW DELHI (Reuters) – Tesla chief Elon Musk is set to announce an investment in India of $2-$3 billion, mainly for building a new factory, when he visits New Delhi next week to meet Prime Minister Narendra Modi, two sources familiar with the discussions said. Musk will meet Modi on Monday during his India trip, when the billionaire is expected to unveil his plans to enter the world’s third-largest auto market where electric car adoption is still in its infancy. India’s EV market is small but growing and dominated by local carmaker Tata Motors. EVs made up just 2% of total car sales in 2023, but the government is targeting 30% of new cars to be EVs starting 2030. Musk’s visit comes as Tesla battles slowing sales in the major markets of the United States and China, and has this week announced layoffs affecting 10% of its workforce. Details of Musk’s India visit are closely-guarded, with the CEO only publicly confirming on his social media platform X that he will meet Modi in India. The two sources said Musk will likely give an investment figure for India without sharing details such as a timeline or an Indian state where the plant will be built. Tesla did not immediately respond to a request for comment. For years, Musk opposed India’s high import taxes for EVs and lobbied for a change. India’s government in March unveiled a new EV policy lowering import taxes to 15% from as high as 100% on some models if a carmaker invests at least $500 million and sets up a factory. Tesla has already started scouting for showroom space in New Delhi and Mumbai, and its Berlin factory is producing right-hand drive cars it aims to export to India starting later this year, Reuters has reported. Musk is also likely to attend an event organised by the Indian government in New Delhi with space startups, the two sources said.Musk owns U.S. space company SpaceX. Tesla’s Musk likely to unveil $2-$3 billion India investment during visit, sources say
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Spring meetings of IMF & World Bank to begin in Washington

The spring meetings of the International Monetary Fund and the World Bank will begin in Washington on Wednesday with twin objectives of help countries to combat climate change, and assist the most indebted nations. The events will start with the IMF’s publication of its updated World Economic Outlook. The meetings will bring central bankers together with finance and development ministers, academics, and representatives from the private sector and civil society to discuss the state of the global economy. This year marks the 80th anniversary of both institutions. They were born of the Bretton Woods conference, held in 1944 as allied nations sought to regulate the international financial order after World War II, which was then still raging. World Bank head Ajay Banga during a recent live streamed press conference said that there is the climate crisis, debt, food insecurity, pandemics and fragility. He said, there is clearly a need to accelerate access to clean air, water and energy. Spring meetings of IMF & World Bank to begin in Washington
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Taskforce Urges Investment in Women-Led Ventures to Fuel UK’s Tech Evolution

A glaring gender gap in the UK’s high-growth entrepreneurship ecosystem is hindering progress and stifling the full potential of women in driving innovation and economic growth, a new report has revealed.

The report, from a taskforce spearheaded by Anne Boden, founder of Starling Bank, advocates for significant reevaluation of investment strategies with only six per cent of high-growth enterprises being wholly or majority led by women.

The Women-Led High-Growth Enterprise Taskforce, chaired by Boden since it was established in May 2022, has worked with entrepreneurs, campaigning organisations, and the investment community to gather data and identify the main barriers for women in starting and scaling high growth enterprises.

Funding

Central to its report’s findings is the stark revelation of persistent barriers obstructing women entrepreneurs from accessing essential funding. Despite strides made in recent years, the report highlights that only a fraction of equity investment in the UK is directed towards fully female-founded businesses.

Women continue to receive less than two per cent of venture capital funding annually, painting a concerning picture of gender disparities in the investment landscape.

To increase the amount of money going into female-founded businesses, the Taskforce recommends:Investment companies must publish the percentage of senior investment professionals they employ alongside targets, as female investment professionals are more likely to back female founded and led businesses.
Investment companies sign up to the Investing in Women Code, where signatories are more likely back female led companies (35 per cent vs 27 per cent); although the number of signatories has grown by 40 per cent to 204 since 2022.

Diversity

Women-led businesses often encounter obstacles related to workforce diversity, leadership representation, and access to networks. The taskforce found that even after securing investment, women entrepreneurs face challenges in building diverse teams and accessing networks crucial for business growth and expansion.

Just 18 per cent of high-growth enterprises include one or more women on the founding team – while all-male founding teams make up 82 per cent of high-growth enterprises.

Improving diversity in senior investment roles is a key driver in enhancing the funding pipeline for women-led, high-growth businesses.Taskforce members agreed that gender balanced investors offer a broader spectrum of perspectives and experiences, enriching the decision-making process, reducing group-think.

Regional differences

Almost 45 per cent of England’s high growth enterprises are in London and considering that only 13 per cent of the UK population reside in London, this shows an imbalance in high-growth activities. The report stresses the importance of creating tailored support networks and resources for women entrepreneurs, particularly those outside traditional tech hubs like London.

To increase the number of women-led high-growth businesses outside London the Taskforce recommends:The establishment of Female Founders Growth Boards on a regional basis that will bring together public and private local stakeholders.

Boosting the economy

“As this report shows, the number of high-growth enterprises with at least one female founder is incredibly low and the picture is even worse for all-female teams,” says Maria Caulfield, Minister for Women. “This represents a shocking waste of talent and innovation and understanding the issues and barriers behind it was something I was particularly keen to understand.”

“We know women have the skills and ambition to launch successful businesses and we want to make sure they have every opportunity to do that. It is vital to everyone that we use this untapped potential to help boost the UK economy. I welcome the findings of the Taskforce’s work which will help us to achieve the government’s target of increasing the number of female entrepreneurs by half – equivalent to nearly 600,000
entrepreneurs – by 2030.”
Boden’s vision

In the report’s conclusion, Boden says: Our recommendations are ambitious, but I won’t apologise for that. Making small incremental changes won’t move the dial. We’ve been talking about this being a challenge for too long. Now we need to take big strides forward.

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