Tamil Nadu unveils aggressive EV policy

According to a media report, the state of Tamil Nadu has unveiled a new electric vehicle (EV) policy that aims to attract Rs. 50,000 crore in investments. The move is also expected to generate 1.5 lakh new jobs.

As per the new policy, the state plans to give 100% road tax exemption to all electric 2-wheelers, 3-wheelers, cars, buses and commercial vehicles till end-2022. EVs sold in the state until 2030 will receive 100% SGST refund.

EV component manufacturers having a minimum investment of over Rs. 50 crore and employing at least 50 people to get special incentives.

The state will also provide capital subsidy of 15% for investments in EV manufacturing and 20% for battery production till 2025. 15% subsidy will be offered on the cost of land for EV or parts production projects. Investors will get 50% subsidy on land for projects in the southern districts of the state until 2022. Stamp duty on the purchase of land and electricity tax will also be exempted.

The government plans to set up EV parks in major auto manufacturing hubs. It also plans to set up EV charging infrastructure through public-private partnerships. Changes in the building and construction laws to incorporate charging infrastructure are also said to be in the planning stage.

Source: The Hindu