EV policy to boost manufacturing in TS: Industry leaders
Initiatives such as the T-Works and T-Hub, the brainchild of Telangana Industries Minister KTR, are playing a very crucial role in boosting innovation in the State, said YES Bank Chairman, Sunil Mehta
Hyderabad: Telangana which has been making strides in sectors such as the IT and pharma has a lot of potential in the electric vehicles space and the roll out of a comprehensive policy will enable growth of both manufacturing and research in the State, said industry top leaders.
Presenting his perspective at the EV summit via virtual mode, Sunil Mehta, chairman, YES Bank said, “The electric vehicle policy will become an enabler to create a robust EV ecosystem in the State. Under the leadership of the Chief Minister, Telangana has come out with several transformative policies that are placing the State on top position in terms of ease of doing business (EoDB).”
Initiatives such as the T-Works and T-Hub, the brainchild of Telangana Industries Minister KTR, are playing a very crucial role in boosting innovation in the State, he added.
India lacks battery making capabilities and Telangana can focus its efforts to enable battery manufacturing so that there is lesser import dependency. EV market is growing rapidly in India which will open up immense opportunities for Telangana.
Collaborations should happen across the value chain within the EV space for India to benefit from the green mobility transformation.
Mehta noted, for localisation to happen, there must be adequate volumes, and to drive demand, several States are coming with a variety of financial and non-financial incentives to promote the adoption of EV. This is going to benefit the nation. Partnership-led approach will further help control costs. Telangana government can also act as a customer to push EV adoption.
He said, “We are committed to collaborate with governments at central and State levels and manufacturers to help improve EV adoption with suitable financing options so that consumers will benefit,” Mehta added.
Sharing the importance of the State in the company’s operations, Pawan Goenka, MD & CEO, Mahindra & Mahindra said, “We have one of our largest tractor manufacturing plants in Zaheerabad where we have invested Rs 1,000 crore in the last few years employing over 4,500 people. The plant is today the largest plant in Asia. If we look at our group operations, Tech Mahindra has its largest global delivery centre in Hyderabad with 19,000 people and there are plans to further expand the company’s presence.”
“We are developing a new tractor jointly with a Japanese partner and we have decided to make Zaheerabad, the sole plant in India to make this product,” he informed.
The State’s EV policy will lead to fresh investments and demand generation in Telangana. This is the first time any State has offered incentive to electric tractors. With the roll out of new EV policy, Hyderabad has the potential to be EV capital across all product categories. Mahindra & Mahindra is aiming to strengthen its presence in the electric three-wheeler cargo vehicles.
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