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With A Target To Raise $4.83 Bn, Karnataka Becomes First State To Roll Out Electric Vehicle and Energy Storage Policy

With A Target To Raise $4.83 Bn, Karnataka Becomes First State To Roll Out Electric Vehicle and Energy Storage Policy

With This Initiative, Karnataka Govt. Aims To Reduce Fossil Fuel Dependency And Create 55K Employment Opportunities

The Karnataka state government, in its efforts to become the Electric Vehicle Capital Of India, has approved the state’s Electric Vehicle and Energy Storage Policy 2017. The initiative is in line with the union government’s vision to make the country an all-electric vehicle market by 2031.

As per reports, the Electric Vehicle policy of Karnataka envisions making the state a hub for the production of alternative fuel vehicles, and push the ‘Make In Karnataka’ initiative.

Known as IT capital and startup capital of the country, Karnataka is the first Indian state to roll out an Electric Vehicle Policy.

“The development and formation of this path breaking policy has been a combined effort of the government and key industry players through roundtables organised by Carnegie India and a series of workshops held during the last four to five months,” said R.V. Deshpande, the Minister for large & medium industries & infrastructure development, government of Karnataka, in a media statement.

He also added, “I am sure this policy would be a game-changer in the industry and will be a model for other states. Our real work starts now, focusing on developing a ready ecosystem for a vibrant EV sector in the state,” said R V Deshpande, Karnataka’s industries minister.

Key Takeaways From Karnataka Electric Vehicle And Electric Storage Policy

The Karnataka government effort to launch Electric Vehicle and Energy Storage Policy 2017 aims to

  • Reduce dependency on fossil fuels, and bring down pollution levels.
  • Attract investments worth $4.83 Bn (INR 31K Cr) and create around 55,000 employment opportunities.
  • Set up new EV manufacturing zones, as well as set up charging stations in public and private spaces including airports, railway stations, metro stations, highrise buildings, malls, information technology (IT) parks, and apartment complexes
  • Encourage startups to develop business models focused on supporting economic applications for EVs.
  • Create special purpose vehicle that will involve civic agencies, state transport and energy companies, and its renewable energy and industrial boards for the creation of charging infrastructure within the state.

As per reports, in line with the Industrial Policy 2014-19, Karnataka government also shared its intentions to provide incentives and concessions for manufacturers in the state.

Karnataka Government: Other Recent Steps Taken To Boost Startup Ecosystem Of The State

Karnataka is home to electric mobility startups like Reva, Mahindra Electric and Ather Energy and component manufacturers like Bosch and Delphi. This automatically adds an added advantage for the government to boost the state’s tech and startup ecosystem.

In last few months, the state government has announced a plethora of initiatives to boost its tech and startup ecosystem.

Here are a few recent announcements of Karnataka Government:

  • In September 2017, announced ‘Grand Challenge Call Five and Call Six’, under the State Startup Policy. The initiative aims to unearth innovative solutions to reduce traffic congestion in Bengaluru city as well as tackle the perennial water scarcity.
  • In July 2017, launched ELEVATE 100, an initiative that aims to identify and support 100 of the most innovative startups in the state, guiding them to the next level of success. So far, 1700 applications have been received.

While reports of the government’s plans to make India an electric vehicle nation by 2030 has long been making the rounds, the latest development is quite possibly one of the first concrete steps taken to materialise the ambitious goal. By offering financial incentives and installing a robust network of charging stations in the state, the initiative taken by the Karnataka state government under its Electric Vehicle and Energy Storage Policy is certainly the need of the hour.

Author

Meha Agarwal

Inc42 Staff

Meha has engineering and MBA degrees, but she has always been a writer at heart. It was the perfect combination of utilising her research and analytical skills and her enthusiasm for writing that sparked her interest in writing about the Indian startup ecosystem – the latest tech and gadgets and the startups that create them. She is always on the lookout for industry-specific stories in niche areas of interest such as ecommerce, fintech, greentech and more.

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