By Express News Service

BENGALURU: Karnataka is now all set to come out with an exclusive policy to make Bengaluru the ‘Electric Vehicle Capital of India’. The state had recently unveiled its Animation and Gaming Policy. With automobile companies world over intensifying research for development of vehicles on alternative fuels, the state government is keen to log on to the trend. “The government will come out with a new Electric Vehicle and Energy Storage Policy to reduce pollution and promote a healthy environment. Major and Medium Industries Department is formulating the policy.

It could be the first of kind in the country, in consultations with various stakeholders, including automobile manufacturing industries,” Minister for Industries R V Deshpande said here on Thursday. Deshpande, who presented a report card of his ministry, said many developed countries have formulated policies to promote electric vehicles. Though central and state governments are promoting the use of electric vehicles, the relatively high cost has failed to make them popular. He assured that the proposed policy would have attractive features to draw electric vehicle manufacturers and encourage investments on research and development in the sector in Bengaluru. Electric vehicles are the future in the automobile sector, he said.

Karnataka retains top spot in investments

Karnataka has retained its top spot among the states in attracting investments.The state has received investment to the tune of Rs 1.40 lakh crore till June this year, Deshpande claimed. The state is followed by Gujarat (Rs 44,543 cr) and Maharashtra (Rs 15,369 cr). The state had topped the list in 2016 too with Rs 1.54 lakh crore of investments, Deshapnde said quoting figures from data released by the Department of Industrial Policy and Promotion. In the last four years, 1,823 projects have been approved by the state government with an investment of Rs 3.34 lakh crore with employment generation potential for 8.98 lakh people, he said. As for the new investment proposals, TVS Motor Company Ltd has proposed to invest Rs 1,110 crore to expand its plant at Bytahalli, Kadakola in Mysuru, with employment potential for 800 people, while Mangalore Refinery and Petrochemicals Ltd has decided to invest Rs 966 crore at Anagwadi Industrial Area Harihara. Other major companies that have decided to invest are SAP Labs India Pvt Ltd (Rs 499 crore), Acebright India Pharma Ltd (Rs 492 cr), Desano Pharmaceuticals Pvt Ltd (Rs 475 crore), Adani Cementation Ltd (Rs 410 cr), Molex India Pvt Ltd (Rs 340 cr), Aditya Birla Solar Ltd (Rs 325 cr), HNI Autotech Pvt Ltd (Rs 242 cr). The government has already cleared investments of Rs 2,438 cr from Oracle India Pvt Ltd in IT/ ITES Special Economic Zone and Wipro Enterprises Pvt Ltd (Rs 112 crore) in Aerospace SEZ in Devanahhli taluk, Deshpande said.