By 2025, Tamil Nadu is set to attract approximately Rs 50,000 crore in investments for the electric vehicle (EV) sector, generating an estimated 150,000 job opportunities, as announced by a senior minister.

T R B Rajaa, the minister for industries, investment promotion, and commerce, emphasised that these investments will play a crucial role in helping the state achieve its sustainable development goals. Prominent EV companies contributing to the significant production in Tamil Nadu include Ola Electric, TVS Motor, Ather in Krishnagiri, Ampere Vehicles (Greaves Electric) in Ranipet, BYD India in Kancheepuram, Stellantis (PCA Automobiles) in Tiruvallur, and E-Royce Motors in Coimbatore.

Rajaa highlighted Tamil Nadu's commitment to a policy-driven approach with a clear vision for inclusive and sustainable growth, making it one of the few states with a forward-looking EV policy. The state's policy, supported by the 'Battery-as-a-Service' initiative, is expected to bring revolutionary changes to the commuting landscape. Incentives, including subsidies for firms installing battery-swapping stations and concessions for equipment costs and machinery purchases, are part of the policy framework.

The minister emphasised the state's efforts in cultivating a climate-conscious mindset among its citizens, reflecting a practical and informed approach to address climate change. This approach is rooted in a shared understanding of scientific evidence and the necessity for collective, responsible action.

The EV sector is poised to become a key contributor to the Department of Industries, Investment Promotion, and Commerce's goal of making Tamil Nadu a $1 trillion economy by 2030. The sector will gain significant visibility at the upcoming Tamil Nadu Global Investors Meet scheduled for January 7 and 8, 2024, where global EV companies will participate and share insights during a session on 'Sustainable Mobility: Shaping the Future.'

J Jeyaranjan, vice-chairperson of the State Planning Commission, emphasised the need for collaboration between Tamil Nadu's energy and transport departments to facilitate a smooth transition to EVs. He urged Tangedco (Tamil Nadu Generation and Distribution Corporation) to expedite the development of a robust charging infrastructure, establishing a comprehensive network of charging stations across the state to alleviate range anxiety and promote EV adoption.

V Arun Roy, secretary in the Department of Industries, Investment Promotion, and Commerce, highlighted Tamil Nadu's significant contribution to the EV market, with approximately 40% of EV four-wheelers and close to 70% of EV two-wheelers sold in the country being manufactured in the state. V Vishnu, Managing Director and Chief Executive Officer of Guidance Tamil Nadu, proudly declared the state as India's EV capital, citing the presence of over 40 sector companies.

Source: Business Standard