Indian State Eyes $4.8 Billion In EV Investments
The Indian state of Karnataka is all set to become the country’s capital for electric vehicles. In a recent move, the Karnataka state government has approved the state’s Electric Vehicle and Storage Policy 2017.
While the central government policy on electric vehicles has yet to emerge, Karnataka has become the first state in India to formulate policy on electric vehicles. The policy aims to maintain Karnataka as a preferred destination for electric vehicles.
The government estimates that this policy is expected to attract an investment to the tune of Rs 31,000 crore ($4.8 billion) and will create 55,000 jobs over the next few years. The state government will ensure that amendments will be made to build bylaws for providing mandatory charging infrastructure in all high-rise buildings, malls, information technology (IT) parks, and apartment complexes for successful implementation of this policy.
A special purpose vehicle (SPV) will be created that will involve civic agencies, state transport and energy companies including renewable energy and industrial boards to set up infrastructure for charging stations across the state. Also, the ‘Karnataka Electric Mobility Research & Innovation Centre’ will be built to extend the necessary support.
The government also plans to lend support to the start-ups whose business models are focused on the application of electric vehicles. The capital city of Bangaluru is home to India’s only electric car manufacturer, Mahindra Electric, and one of the most promising electric mobility start-ups, Ather Energy. This policy will help manufacturers like Mahindra to ramp up their electric version model production capacity and speed up deliveries over the next few years.
The Indian government’s think tank NITI Aayog recently issued a draft roadmap for large-scale deployment of electric vehicles. In the roadmap document, NITI Aayog proposed incentives for electric vehicle manufacturers through a variety of market mechanisms that have a proven track record in the western countries. It also emphasized incentives for electric vehicle buyers. Apart from private passenger cars, the government also wants to to invest heavily in promoting electric vehicles in public transport. Cities will be encouraged to re-design their transportation systems centered around electric vehicles. These efforts are being made with an intent to achieve the seemingly impossible target set by the Indian government to ban the sale of fossil fuels-based cars by 2030.
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