States compete for big slice of E-Vehicle pie

States compete for big slice of E-Vehicle pie

  • With electric vehicles (EV) considered a huge investment potential, several states are competing to bring out attractive schemes for companies to invest in. According to an analysis released by the World Economic Forum, the International Organisation for Public-Private Cooperation and Ola Mobility Institute, 10 states, including Karnataka, and Union Territories are trying to build momentum for EV usage across three sectors — manufacturing, infrastructure and services.
  • According to the report, Karnataka is planning to provide incentives and concessions for ultra mega and super mega EV enterprises, along with incentives such as interest-free loans on net SGST for EV manufacturing enterprises to encourage local manufacturing. The state will reimburse land conversion fees used to set up EV/component manufacturing units.

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