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Tuesday, October 4, 2022

Indian State Gives Rs 20 Lakh Incentive For Buying Electric Vehicles! Societies To Install Charging Points

The government of India is always coming up with new initiatives and schemes to promote electric vehicles. The Indian government has set an aim of 70 percent of all commercial cars, 30 percent of private cars, 40 percent of buses, and 80 percent of two-wheelers and three-wheelers to be electric 2030.

Here’s another initiative by the Maharashtra state government: Electric vehicles in Maharashtra will come with financial incentives between Rs 10,000 to Rs 20 lakh.

Additionally, housing societies will also be given rebates in property tax for setting up charging stations.

Maharashtra Government Announces Financial Incentives For Electric Vehicles

As announced by the state government in its electric vehicle policy, SOPs will be offered for new purchases, scrappage, and manufacturing of e-vehicles, components, and batteries.

The government aims for EVs to make up 10% of all new vehicle registrations by 2025. Targets have also been set for each category: two-wheelers (10 percent) and four-wheelers (5 percent). Also, 15% of the state transport buses will be converted to electric by 2025.

Mohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV), has stated that this decision by the government is encouraging for the EV industry and cements India’s vision of becoming a global EV hub.

He said, “We hold steadfast optimism towards states announcing a revised policy with a special focus on demand creation. An inclusive and pragmatic approach to E-mobility and charging infrastructure is imperative to boost innovation and increase uptake among consumers.”

Benefits Offered To Electric Vehicles By Government Of Maharashtra

Maharashtra is not the first state to implement such schemes to push electric vehicles. Delhi, Gujarat, Karnataka, and Tamil Nadu have also previously encouraged electric cars. Apparently, as per state environment minister Aditya Thackeray, the Maharashtra govt has studied the EV policies of other states and countries before finalizing on its own.

Benefits for Electric Vehicles in the new policy:

  • All the EVs in the state are to be exempted from road tax and registration charges.
  • The maximum incentive of Rs. 10,000 to Rs 1.5 lakh for electric two-wheelers and cars
  • Buses to be eligible for incentives worth Rs. 20 lakh.
  • Urban local bodies will be encouraged to give a rebate in property tax to the housing societies that will set up charging stations and promote vehicle batteries’ manufacturing under the PLI scheme of the central government.
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