BENGALURU: The State Cabinet on Wednesday approved the ‘Electric vehicle and energy storage policy’ to make Bengaluru the electric vehicle capital of India. The policy aims at encouraging development and production of vehicles that use non-fossil fuel to reduce pollution.
The policy claimed to be the first of its kind in the country, will have attractive incentives and tax concessions for those willing to take up research and development works and set up production units in the state.
The Major and Medium Industries Department formulated the policy in consultation with various stakeholders, including vehicle manufacturers. A similar policy is in place in many developed countries. People are reluctant to buy electric vehicles citing the high cost of battery and other issues associated with electric vehicles.
“The new policy will have several sops for consumers which will encourage them to buy electric vehicles,” Law and Parliamentary Affairs minister T B Jayachandra told reporters after the Cabinet meeting. Details on concessions and incentives will be out soon, he said.
OTHER DECISIONS
Rs 25 crore grant for repair, renovation of the existing building and construction of new buildings for Karnataka Arts, Science and Commerce College, Dharwad, as part of its centenary celebration.
77.93 acres of government land in Gonalu village of Hospet taluk in Ballari district to be allotted for the reservoir project of JSW Steels factory. The water will be utilised for industrial purposes.