Andhra Pradesh is targeting to grab Rs. 30,000 crore of investment in EV industry; could offer capital subsidy to automakers
Andhra Pradesh government is aiming to lure the EV manufacturers and charging equipment producers. The state is targeting to grab Rs. 30,000 crore of investment in the EV manufacturing industry and for that Andhra Pradesh government is gearing up to offer a huge incentive to the companies. The incentives will include capital subsidies to the manufacturers.
As India is thriving to introduce zero emission pure electric mobility across the country by 2030 under the central government’s Mission EV 2030 strategy, the EV and charging equipment making industry is expected to grow drastically in coming years. Andhra Pradesh wants to capitalize the opportunity. Not only a bunch of incentives, state government is also ensuring fast approval for the companies interested in EV industry.
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Apart from that, it could also offer concessional land and power along with complete with complete state GST reimbursements. Battery manufacturers will get special incentives as well. The state government has also proposed policy interventions like waiver of registration and road tax on sales of electric vehicles, tendering three-wheeler licence to the companies.
Apart from offering these benefits to the EV industry operators the state government is also likely to impose additional tax on petrol and diesel vehicles in order to encourage the customers to purchase EVs. All these proposals are expected to become legalized soon through the government’s electric mobility policy. So far, Andhra Pradesh wants to become the hub of EV manufacturing in India and play crucial role in spreading the zero emission electric mobility across the country.
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As the Andhra Pradesh government officials say, the state has six existing ports and eight upcoming ports along with several airports, vast tracts of land and constant power supply. All these are in favour of setting up EV production facilities here.
The state could set up an electric vehicle park with plug and play infrastructure for manufacturers to commence production as soon as possible. Also, all the cities in the state will come with electric mobility plan. Apart from that, the government also plans to introduce a zero emission government vehicle fleet by 2030.
Source: ET Auto