Andhra Pradesh seeks £3.3b investment in electric vehicle segment
An electric vehicle at a show business in India. (Photo by SAM PANTHAKY/AFP via Getty Images)
The southern Indian state of Andhra Pradesh is seeking to position itself as the lighthouse destination and attract investments to the tune of $4 billion (£3.3 billion) in the electric vehicles segment over the next few years.
As a first step in this direction, the state government is holding a day-long CEO-Ministerial Dialogue on Friday (5) to frame requisite policy by eliciting views and ideas from various stakeholders.
This is a first such initiative by a state, under the World Economic Forum-Moving India network, on Shaping the Future of Mobility’, according to AP industries and investment minister Gudivada Amarnath.
“This dialogue (in virtual mode) will serve as a high-level platform to explore various avenues of investments in Electric Vehicles (EV) segment and also to support the industry leaders in developing and implementing plans and programmes to meet climate goals, including net-zero economic growth and green mobility,” Amarnath said.
He said the state was planning to expand the EV landscape at an intense pace while accelerating EV adoption and transitioning towards clean mobility.
“The primary objective of this exercise is to position AP as the lighthouse state and attract investments to the tune of four USD billion. Our transition to e-mobility could be a key component in India’s drive to become carbon-neutral, the minister added.
“Our aim is to make AP the prime destination for development and manufacture of batteries, generation and storage of hydrogen, manufacture of EV components, battery EVs and also fuel-cell EVs, besides charging equipment. This should also pave the way for sustainable transportation in the state,” Amarnath added.