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Focus on EV industry may take TN to $1-trillion economy: Report
Increasing attention to the EV industry will assist TN in reaching its goal of having a $1 trillion economy: FICCI-Deloitte
PrashantPrashant2-May-23 2:16 PM
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Focus on EV industry may take TN to $1-trillion economy: Report

 According to a recent Ficci-Deloitte analysis, increasing attention to the electric vehicle industry will assist Tamil Nadu in reaching its goal of having a $1 trillion economy by 2030–2031. According to the report "Towards One Trillion: Accelerating Tamil Nadu's Progress to Become a Trillion-Dollar Economy," the region's well-established automotive cluster in the Chennai-Kancheepuram-Chengalpattu-Tiruvallur corridor needs to be the focus of attention right now, in addition to making use of the region's already-existing auto-manufacturing infrastructure and industry presence.

With the introduction of the Tamil Nadu EV policy 2023, the state has already made a solid first impression by selecting important EV cities in the state, including Chennai, Coimbatore, Trichy, Madurai, Salem, and Tirunelveli. Because this industry is still developing in the state, the government will need to get involved in social development, infrastructural development, and startup support. The research stated that Tamil Nadu might allow the establishment of significant technology nerve centres along the corridor, joining the designated cities in the strategy, in addition to the previously proposed EV park in Hosur and Manalur. Co-working spaces for start-ups might be situated next to OEM/tier-1 R&D centres thanks to the ecosystem of R&D nerve centres.

Additionally, OEMs can buy technologies from interested start-ups and delegate new research activities to them. To encourage localization, it was suggested that OEMs and start-ups collaborate on adopting EV production technology for Indian MSMEs. In addition to supply-side interventions, citizen-centred policy reforms may be implemented to support the growth of the state's demand for electric vehicles. By 2030, the present EV program is to convert 60,000 buses, or 30% of bus fleets in public transportation and educational institutions, to electric power.

Along with public transportation, the state may also take into account offering usage-based payment plans, government-backed financing assistance for auto drivers to purchase and operate electric vehicles, providing public charging infrastructure and battery swap stations to encourage private owners, and subsidizing the price of electric vehicles through reductions in the state goods and services tax. According to the paper, EV conversion can also be accomplished through EV retrofitting. The electrification of current vehicles can be aided by retrofit kits, and the standardizing of batteries through such gears can advance the infrastructure for battery swaps. These modifications will boost demand and raise public acceptance of EV adoption.

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