AP organises CEO-Ministerial dialogue to attract $4 bn investment in EV sector

view original post

Taking the first step to attain the position of ‘lighthouse state’ in the country, Andhra Pradesh is organising a day-long CEO-Ministerial Dialogue meet under the World Economic Forum-Moving India Network on Friday.

In this one-day dialogue, the state will frame policy by eliciting views and ideas from various stakeholders involved in the process, reported PTI. The state government’s ultimate aim is to grab the attention of investors that may bring around four billion dollars of investment in the electric vehicle segment over the next four years.

According to Andhra Pradesh Industries and Investment Minister Gudivada Amarnath, this is Andhra’s first such initiative to enhance EV industry infrastructure under the World Economic Forum-Moving India Network.

“This dialogue (in virtual mode) will serve as a high-level platform to explore various avenues of investments in the Electric Vehicles (EV) segment and also to support the industry leaders in developing and implementing plans and programs to meet climate goals, including net-zero economic growth and green mobility,” Amarnath said.

He also shed light upon the state government’s planning to expand the EV landscape in Andhra Pradesh by catalysing the transition towards cleaner fuel by boosting the EV adoption process.

“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 said.

Later, he shared the state government’s dream of transforming Andhra Pradesh into a prime hub for the development and manufacturing of solar batteries, EV components, and fuel cell EVs. Along with this he also focused on the government’s plan to venture into the energy production from other alternative sources like the generation and storage of hydrogen fuels. With a sound EV manufacturing industry in the state, it would be easier for the state market players to access these products and sell them to the people at a reasonable rate.

Along with focusing on building a conducive environment for the EV manufacturing industry, the Andhra government also focuses on the current EV users. Last year, it announced a plan to set up nearly 1 lakh EV charging stations in the next ten years.

According to media outlets, the virtual meet will be attended by Industries Minister Amarnath, Principal Secretary of Transport MT Krishna Babu, Special Chief Secretary of Energy K Vijayanand, NITI Ayog Advisor of Infrastructure Connectivity, Transport and Mobility Sudhendu J Sinha, CEO APEDB, and VC Subramanyam Javvadi, Director of Industries Srijana Gummala, WEF Moving India team CEO, etc.

With inputs from PTI

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

More Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.