Jharkhand would try to lure investors for its proposed Electric Vehicle cluster on the inaugural day of the two-day investors’ Meet and launch of Jharkhand Industry and Investment Promotion Policy 2021 meet scheduled on Friday at a private hotel in Delhi.
“Leading automobile industry executives would be shown a 30-minutes presentation on prospects of EV cluster and electronics manufacturing in Jharkhand. Thereafter, there will be a one-to-one meeting with chief minister Hemant Soren with the industry leaders,” said Jharkhand industry director Jitendra Kumar Singh.
Sources in the chief minister’s office revealed that though there will be other sectors like cement, power, steel, ethanol, breweries and distilleries and textile which would also be showcased on Friday meeting but the focus would be EV.
“Globally the focus is now on reducing carbon footprint and technology advances mainly in the battery pack manufacturing sector, have increased the scope for the adoption of e-vehicles. India’s electric vehicle market could be worth $206 billion (Rs 14,42,000 crore) in ten years, and the sector will attract a cumulative investment need of $180 billion (Rs 12,50,000 crore) in vehicle production and charging infrastructure until 2030 to meet India’s EV ambition,” said a close aide of Soren who is also camping in Delhi for the mega event.
The aide who will be with Soren till Saturday further said, “Ambitious policy announcements are critical in stimulating the e-vehicle rollout in major markets. The Jharkhand government intends to steer its policy to enable e-vehicle and spare part and ancillary unit manufacturing in the state and provide a robust institutional landscape to invite e-vehicle manufacturers to the state. Based on the demand from the industry, the government is also planning on allocating an EV Cluster in the state on the lines of the already existing auto cluster at Jamshedpur.”
The presentation would showcase Tata Motors, one of India’s leading automobile companies, which began manufacturing commercial vehicles in the early 1950s at Jamshedpur.
It would also showcase more than 600 auto ancillary industries subsequently set up at Adityapur near Jamshedpur to cater to the needs of automobile companies. All types of auto-grade steels are being produced in Jamshedpur since the 1980s. The Adityapur Auto-Cluster has been made operational at Jamshedpur to extend common facilities, such as testing centre, design lab, tool rooms, calibration plants, IT Training Centre, effluent treatment plant, etc., to auto component makers.
“The EV and auto manufacturing units would be provided with a capital subsidy for common infrastructure in the EV cluster. They will benefit from financial assistance of 50 per cent fixed capital investments, up to a maximum of Rs 20 crore and a CST concession of 100 per cent for manufacturing units for a period of 10 years,” the aide informed.
Hemant Soren would have a round-table and one-to-one meeting with representatives of Tata Group, Honda, Maruti Suzuki, Hyundai Motors, Kinetic Green, Mahindra Electric, Piaggio Vehicles (Pune) and Kia Motors in the EV sector.
Representatives of Dalmia Bharat Cement (Cement), NTPC (Power), SAIL (Steel), Vibrant Spirits and EGPL-DSK Foods Limited (both Ethanol) and SPV Global (Textile) would also meet the chief minister for various sectors.