Hyderabad: The Telangana Government unveiled its Electric Vehicles and Energy Storage Systems (EV & ESS) policy on Friday offering a slew of incentives for manufacture, purchase and use of electric vehicles.

I.T & Industries Minister KTR launched the policy on Friday Telangana Electric Vehicle Summit, aims to attract $ 4 billion in investments and create 1.2 lakh jobs in the EV sector by 2030. The comprehensive policy is designed to woo domestic and global players in the EV and energy storage segments to make Telangana, especially Hyderabad, a manufacturing and innovation hub. KTR in his address on launching the EV policy said the new policy to promote electric vehicles offers 100% exemption of road tax and registration fee for the first two lakh electric two wheelers purchased and registered within the state.

The policy also offers similar 100% exemption for other category of vehicles such as three and four wheelers as well as electric buses for a certain number of early adaptors. India Inc, leaders such as Mahindra & Mahindra MD & CEO Pawan Goenka, Yes Bank Chairman Sunil Mehta and Niti Aayog senior officials, the State Government also entered MoUs with industry players, at the time of launching the policy, who committed over Rs. 3, 200 crore investments in the state.  Among major investors were Mitrah Energy that will invest 2, 000 crore to manufacture electric buses and Olectra, which will pump in Rs. 300 crore to manufacture electric buses too in the state.

He wants to make the city and the state the epicenter of EV adaption and manufacturing, said KTR. The Minister also announced that the Telangana was building two EV clusters one at Chandanvelly – Sitarampur in Ranga Reddy district where Mitrah and Olectra will be setting up units and another cluster in Divitipally in Mahaboobnagar district. He also announced that the state will announce a mobility cluster, where automobile and technology players will come together, next month. Mahindra & Mahindra’s CEO Pawan Goenka lauded the policy initiative of providing incentive for electric tractors.