Karnataka tweaks EV policy, to offer 15% capital subsidy to investors
The Karnataka Cabinet on Thursday decided to give 15% capital subsidy to investors in the electric vehicle sector after the state came under immense pressure from a few states which offered apparently better sops.
The Cabinet decided to amend its Karnataka Electric Vehicle & Storage Policy, 2017, to improve upon its existing policy. The government will give a 15% capital subsidy on the value of fixed assets over five equal annual payments, Law minister Basavaraj Bommai said, briefing the media after the Cabinet meet.
The sops will apply to plots of up to 50 acres.
