News:The Tamil Nadu State Government has introduced its first-ever electric vehicle (EV) policy,2019.
- Tamil Nadu is known as the Detroit of South India.It accounts for 6.4% of the electric vehicles sold in the country as of July 31,2019.
About Electric Vehicle policy:
- The policy aims to create a comprehensive Electric Vehicle(EV) ecosystem in the State.It has set out a vision to attract ₹50,000 crore in investments and create 1.5 lakh new jobs.
- The policy has provided various concessions to manufacturers of the e-vehicles.
- To encourage start-ups in the EV sector,incubation services will be offered in the form of office space, common facilities and mentoring support.
- An EV Venture Capital Fund will be created to offer financial support to EV start-ups to enable them to scale up their business.
- EV-related and charging infrastructure manufacturing units will be provided 100% exemption on electricity tax till December 2025.
- The government will also provide a higher capital subsidy of 20% of the eligible investment over 20 years in cases where units are engaged in making EV batteries.