Tamil Nadu Set to Receive Rs. 50,000 Crore Investments in EV Sector by 2025: Minister

In a significant development for Tamil Nadu's electric vehicle (EV) sector, the state is poised to receive approximately Rs. 50,000 crore in investments by 2025, leading to the creation of around 150,000 jobs, according to a senior minister. T R B Rajaa, the Minister for Industries, Investment Promotion, and Commerce, stated on Tuesday that these investments would contribute significantly to the state's sustainable development goals.

The minister highlighted key EV companies contributing to large-scale production in Tamil Nadu, including 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 emphasized that Tamil Nadu is policy-driven and possesses a clear vision of inclusive and sustainable growth, with the state boasting a future-ready EV policy. The policy, supported by the 'Battery-as-a-Service' initiative, facilitates revolutionary changes in commuting practices. Incentives, such as subsidies for installing battery-swapping stations and concessions for equipment costs and machinery purchases, are integral to the state's strategy.

The EV sector is set to play a crucial role in the Department of Industries, Investment Promotion, and Commerce's efforts to contribute to 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. Global EV companies are expected to participate in the summit, sharing insights during a session on 'Sustainable Mobility: Shaping the Future.'

J Jeyaranjan, Vice-Chairperson of the State Planning Commission, emphasized the need for collaboration between Tamil Nadu's energy and transport departments to facilitate a seamless transition to EVs. He urged Tangedco, the Tamil Nadu Generation and Distribution Corporation, to accelerate the development of a robust charging infrastructure 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 role in the EV market, stating, "Around 40 per cent of the EV four-wheelers and close to 70 per cent of the EV two-wheelers sold in the country are made in Tamil Nadu."

V Vishnu, Managing Director and CEO of Guidance Tamil Nadu, declared the state as India's EV capital, noting that over 40 sector companies have a presence there. The collective efforts aim to position Tamil Nadu as a leader in the rapidly evolving EV landscape.

BS