Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Auto News / Karnataka New EV Policy 2023-28: EV stakeholders eye buyers-centric subsidies

Karnataka New EV Policy 2023-28: EV stakeholders eye buyers-centric subsidies

EV stakeholders in India express consensus on subsidies for buyers, expecting the revised Karnataka EV policy to prioritize affordability through increased subsidies, particularly for commercial transportation.

EV stakeholders in India have expressed a consensus on subsidies for buyers.Premium
EV stakeholders in India have expressed a consensus on subsidies for buyers.

The Karnataka Government is ready with the final new EV Policy and doing touch-ups before the release, which is scheduled for two weeks, according to a report by the Economic Times.

"This proposed policy aims to transform Karnataka into a pioneering force in the field of electric mobility, embracing sustainable practices and equitable growth while fostering innovation and creating a robust ecosystem for EVs throughout the state," Minister for large and medium industries and infrastructure development, M B Patil, said while addressing the ideation session of the Policy, as reported by PTI. The Karnataka government revealed a revised draft electric vehicle policy (2023-28) on November 11 to attract 50,000 crore in investment and create one lakh jobs.

EV stakeholders in India have expressed a consensus on subsidies for buyers.

"I expect the revised Karnataka EV policy draft is poised to revolutionize the sector by prioritizing affordability through increased subsidies directly benefiting buyers, particularly in commercial transportation," said Kunal Gupta, Co-Founder and CEO of EMotorad.

"One key expectation is the implementation of direct subsidies for EV buyers, which means making EVs more affordable, especially for commercial vehicles like taxis and autos," said Pratik Kamdar, CEO and co-founder of Neuron Energy.

Inclusivity is a key focus, aiming to integrate MSMEs and component vendors into state-level incentives, fostering a diverse EV industry. Addressing financial hurdles, the proposed GST reduction to 5% for components aims to support smaller companies, Gupta opined.

"Incentives should not bypass the ultimate driver of the electric revolution – the consumer. Subsidies and incentives encouraging consumer adoption are pivotal," said Raghuveer Chandalavada, CEO of Aurita Bikes.

"The policy should pave the way for affordable EV options, making sustainable choices accessible to a broader demographic," Chandalavada opined.

Speaking about the benefits of the policy, Kamdar claimed that it is a beacon of support for startups and small enterprises operating in the EV industry. By integrating these entities into production-linked incentive schemes and slashing GST rates on components, the policy creates an environment conducive to fostering growth, encouraging innovation, and diversifying the sector's landscape.

“One of the main expectation involves providing subsidies to manufacturers, ultimately lowering the cost of the final product. This reduction in manufacturing costs will alleviate the financial burden on consumers, undoubtedly expediting the widespread adoption of EVs," Jayapradeep V, CBO at Raptee Energy said.


Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 30 Nov 2023, 02:37 PM IST
Next Story footLogo
Recommended For You
Petrochemical Stocks
Switch to the Mint app for fast and personalized news - Get App