Karnataka New EV Policy 2023-28: EV stakeholders eye buyers-centric subsidies
Karnataka Government is ready with the final new EV Policy and doing touch-ups before the release, which is scheduled for two weeks, according to a report by the Economic Times. "This proposed policy aims to transform Karnataka into a pioneering force in the field of electric mobility, embracing sustainable practices and equitable growth while fostering innovation and creating a robust ecosystem for EVs throughout the state," Minister for large and medium industries and infrastructure development, M B Patil, said while addressing the ideation session of the Policy, as reported by PTI.
The Karnataka government revealed a revised draft electric vehicle policy (2023-28) on November 11 to attract ₹50,000 crore in investment and create one lakh jobs. EV stakeholders in India have expressed a consensus on subsidies for buyers.
"I expect the revised Karnataka EV policy draft is poised to revolutionize the sector by prioritizing affordability through increased subsidies directly benefiting buyers, particularly in commercial transportation," said Kunal Gupta, Co-Founder and CEO of EMotorad. "One key expectation is the implementation of direct subsidies for EV buyers, which means making EVs more affordable, especially for commercial vehicles like taxis and autos," said Pratik Kamdar, CEO and co-founder of Neuron Energy.
Inclusivity is a key focus, aiming to integrate MSMEs and component vendors into state-level incentives, fostering a diverse EV industry. Addressing financial hurdles, the proposed GST reduction to 5% for components aims to support smaller companies, Gupta opined.
"Incentives should not bypass the ultimate driver of the electric revolution – the consumer. Subsidies and incentives encouraging consumer adoption are
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