Karnataka: Losing a serious share of investments in electric vehicle to Tamil Nadu, government gives more sops

Having received a rude shock earlier this year with one of the majorelectric vehicle(EV) investments inOlato neighbouringTamil Nadu, theKarnatakagovernment 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. While the stipend shall remain the same, the government has withdrawn the clause of limiting it to only 50 students.