Karnataka to Give Incentive to MSMEs in Electric Vehicles Manufacturing

According to the policy, the government will extend incentives and concessions to the MSMEs involved in the manufacturing of electric vehicle and its components including motors power trains, power electronic kits.

Karnataka to Give Incentive to MSMEs in Electric Vehicles Manufacturing

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In the recently approved Electric Vehicle and Energy Storage Policy 2017, the Karnataka Government has announced a set of incentives and concessions for different sectors including the Micro, Small and Medium Enterprises (MSMEs).

According to the policy, the government will extend incentives and concessions to the MSMEs involved in the manufacturing of electric vehicle and its components including motors power trains, power electronic kits.

The micro level units can avail an investment promotion subsidy of over 25 per cent of the value of fixed assets, for a maximum amount of 15 lakh rupees.

Accordingly, the Small enterprises will be given an investment promotion subsidy of over 20 per cent of the value of fixed assets, for a maximum amount of 40 lakh rupees.

The medium manufacturing enterprises, according to the policy, will be given a subsidy of 50 lakh rupees on the investments.

Apart from the subsidy, the government also announced exemption from stamp duty for the MSMEs.

To encourage the involvement in the sector, the government has further announced concessional registration charges on all loan documents, lease deeds as well as sale deeds.

Also the MSMEs can avail a capital subsidy up to 50 per cent of the cost of setting up of Effluent Treatment Plant (ETP), with a cap of 50 lakh rupees.  The government will also be providing 100 per cent exemption on tax on the electricity tariff for the initial period of five years for the MSMEs.

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