Tamil Nadu EV policy aims for ₹50,000 cr investment, targets 1.50 lakh jobs

The Tamil Nadu government on Tuesday unveiled its electric vehicle (EV) policy 2023, which aims for ₹50,000 crore investments and to generate 1.50 lakh jobs in the state. Also, the Tamil Nadu EV policy 2023 aims to boost the electric vehicle industry in the state. The policy comes in the back of the Tamil Nadu government's aim of electric vehicles playing a crucial role in the last mile mobility in the state.

Valid till December 2025, the new policy will encourage the adoption of electric vehicles in the state with 100 per cent road tax exemption, among other benefits. Private cars, two-wheelers, three-seater auto-rickshaws, transport vehicles, and light goods carriers will be under the ambit of this policy.

The state's Chief Minister, M K Stalin, formally released the new policy on Tuesday. The policy document states that to support the goal of boosting the electrification of the transport sector, Tamil Nadu aims to electrify the vehicular fleets operating in the state by leveraging its vibrant automotive ecosystem comprising original equipment manufacturers, auto component ancillaries, highly skilled workforce and robust R&D capabilities.

PTI reports that during the last five years, Tamil Nadu has transformed into a leading electric vehicle manufacturing hub, with new entrants like Ather Electric and Ola Electric setting up their production facilities in the state. The Tamil Nadu EV policy 2023 is expected to boost that trend further.

The policy document also says that the state has signed a memorandum of understanding (MoU) with companies committing investments of around ₹24,000 crore and employment generation for 48,000 people in the electric vehicle value chain. "Tamil Nadu has a vision of attracting ₹50,000 crore worth of investments in EV manufacturing, creation of 1.5 lakh new jobs, and development of a robust EV ecosystem in the State," the document states.

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