To make Bengaluru the electric vehicle capital of India, the Karnataka government will soon come out with a new “electric vehicle and energy storage policy” to reduce pollution and promote healthy environment.

The Major and Medium Industries Department was formulating the policy, perhaps the first of kind in the country, in consultations with various stakeholders, including vehicle manufacturing industries.

Minister for Industries R.V. Deshpande, who spoke about the State’s achievements in the industrial sector during the last four years on Wednesday, said many developed countries have formulated the policy to promote electric vehicles. Currently, many customers refused to buy electric vehicles citing high cost of battery.

“Electric vehicles are future vehicles. To make Bengaluru the electric vehicle capital of India and Karnatkaa as environment-friendly state, the Government would soon bring out the ‘electric vehicle and energy storage policy’,” Mr. Deshpande said.

Noting that Karnataka secured top position in the country in attracting investment in 2016-2017 with investment of ₹ 1,54,173 crore, he said another batch of investments worth ₹ 6113.29 crore would be cleared in the first week of September.

TVS Motor Company Ltd has proposed to invest ₹ 1110 crore to expand its plant at Bytahalli, Kadakola in Mysuru for generating 800 jobs, while the Mangalore Refinery and Petrochemicals Limited (MRPL) has decided to invest ₹ 966 crore at Anagwadi Industrial Area Harihara.

Other major companies that have decided to invest are: IKEA - ₹ 810 crore, SAP Labs India Pvt Ltd - ₹ 499 crore, Acebright India Pharma Ltd - ₹ 492 crore, Desano Pharmaceuticals Pvt Ltd - ₹ 475 crore, Adani Cementation Ltd - ₹ 410 crore, Molex India Pvt Ltd - ₹ 340 crore, Aditya Birla Solar Ltd - ₹ 325 crore, HNI Autotech Pvt Ltd - ₹ 242 crore, Prosperity Textile Processors Pvt Ltd - ₹ 196.79 crore, Ather Energy Pvt Ltd - ₹ 47.50 crore.

The government has already cleared investment of ₹ 2438 crore from Oracle India Pvt Ltd in IT/ITES Special Economic Zone and Wipro Enterprises Pvt Ltd - ₹112 crore in Aerospace SEZ in Devanahhli taluk, Mr. Deshpande said.

The Minister said talks were on for establishment of Japanese Industrial Township at Vasanth Narasapura in Tumakuru on 500 acres of land. Consultation was on with JETRO to promote Japanese investment in the State, the minister said.

The State had received ₹3.34 lakh crore during the last four years and investors dropped only ₹ 16,000 crore investments. Unemployment rate in the State was less compared the nation and other states, Mr. Deshpande said.