The Government of Karnataka has announced that it has come up with a new electric vehicle policy, first of its kind in India, which will turn the state into a hub for EV manufacturing.
The Government said that this electric vehicle policy has been prepared through very organised and structured stakeholder consultations. Electric vehicle policies that exist in other countries have been studied and compared in order to draw on best practices.
The Electric Vehicle & Energy Storage Policy includes setting up electric vehicle manufacturing zones, exemption of taxes under KMVT act on all EVs, incentives for manufacturing modular design lithium-ion batteries with higher mileage, subsidies for charging infrastructure, setting up Karnataka Electric Mobility Research and Innovation Centre, attractive incentives and concessions.
The plan also includes setting up charging stations in public and private spaces. This new policy is expected to attract an investment of Rs 31,000 Crore and create about 55,000 jobs.
Karnataka is home to Mahindra Electric (formerly Reva) and several electric two wheeler startups.
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