Having received a rude shock earlier this year with one of the majorelectric vehicle(EV) investments inOlato neighbouringTamil Nadu, theKarnatakagovernment on Thursday decided to revisit the 2017 EV andEnergystorage policy to provide a more competitive deal to retain promised investments and attract new investors.
The 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.