Karnataka: Losing a serious share of investments in electric vehicle to Tamil Nadu, government gives more sops
Having received a rude shock earlier this year with one of the major electric vehicle (EV) investments in Ola to neighbouring Tamil Nadu, the Karnataka government on Thursday decided to revisit the 2017 EV and Energy storage policy to provide a more “competitive” deal to retain promised investments and attract new investors.
The state government at its cabinet meeting decided to amend the 2017 policy by providing a substantial amount of sops including a 15 percent reimbursement on value of fixed assets (VFA), production linked subsidy and a training stipend.
The 2017 policy also spoke of providing a 50 per cent coverage on stipend for in-plant training provided by the EV manufacturers in the state to a maximum of Rs 10,000 per month per trainee for 50 trainees.
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