Chennai, Feb 15 (KNN) Tamil Nadu Chief Minister M.K. Stalin on Tuesday launched the new EV policy for the state.

The state government through this policy aims to attract Rs 50,000 crore worth of investments in EV manufacturing, create over 1.5 lakh new jobs and develop a robust EV ecosystem in the State.

The EV policy will provide various sops including reimbursement of state goods and services tax (SGST), investment and turnover based subsidy, advanced chemistry cell subsidy, electrification of public and commercial transport, formation of electric vehicle cities among others.

As per reports, the Electric Vehicles Policy 2023 will promote Chennai, Coimbatore, Tiruchirappalli, Madurai, Salem, and Tirunelveli as pilot cities for implementing e-mobility solutions.

Under the new policy, 100 per cent exemption will be provided on electricity tax for a period of five years on power purchased from the Tamil Nadu Generation & Distribution Corporation Limited (TANGEDCO) or generated and consumed from captive sources.

The Tamil Nadu government will also offer financial support to companies who wish to transition/diversify into EV manufacturing for upskilling their workforce. The government will also waive off the road tax, registration charges and permit fees for EVs.

As part of employment generation, EV projects will be provided an employment incentive in the form of the reimbursement of the employer’s contribution to the EPF – maximum Rs.48, 000 per employee and residents of Tamil Nadu- for all new jobs created during the policy period.

To attract and nurture the growth of EV startups in the State, the Government of Tamil Nadu plans to facilitate partnerships with industries through Tamil Nadu Startup and Innovation Mission (TANSIM).  (KNN Bureau)