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+--- Thread: Karnataka Launches EV Policy with Tax Exemptions and ₹50,000 Crore Investment Target (/thread-563.html)
Karnataka Launches EV Policy with Tax Exemptions and ₹50,000 Crore Investment Target - Sapna Mukherjee - 26-09-2024
Karnataka is set to roll out a new electric vehicle (EV) policy for the next five years, which will focus on promoting clean mobility through significant tax relief and incentives. Key highlights of this upcoming policy include:
1. **Tax Exemptions for EVs and Hybrid Vehicles**:
- All electric and strong hybrid vehicles priced below ₹25 lakh may be exempt from road tax.
- This measure is aimed at making electric vehicles more accessible and promoting their adoption among the general public.
2. **Incentives for EV Manufacturing**:
- The policy aims to attract investments of ₹50,000 crore in the clean mobility sector by 2029.
- Companies involved in manufacturing electric vehicles and EV components may receive financial incentives of up to 25% on their capital investments, making Karnataka an attractive destination for EV manufacturers and related industries.
This policy will play a pivotal role in positioning Karnataka as a leader in the EV ecosystem in India. The state's efforts align with the broader national agenda of reducing carbon emissions and transitioning to greener transportation solutions.