Various countries across the globe are shunning conventional engines and adopting electric vehicles as the future of transportation. India is also a part of the movement and has been focusing on accelerating the adoption of EVs. For this purpose, various state governments are encouraging buyers to take up EVs in the form of incentives on the vehicle price. The latest state to bring out a policy for EVs is the Maharashtra government. In today’s article, we look at the latest Maharashtra EV policy and the benefits that it holds for EV buyers.
What is the EV policy?
The Maharashtra government is offering basic as well as early bird incentives for boosting the sales of EVs in the state. Along with these, the incentives will also include buyback & battery warranty incentives as well as scrappage incentives. The comprehensive policy will apply to two-wheelers, three-wheelers and four-wheelers. The benefits will vary depending on whether the vehicle is bought before or after 31st December 2021. The government is offering a minimum benefit of Rs 10,000 in cases of two-wheelers, which goes up to Rs 1.5 lakhs in the case of four-wheelers. However, this benefit on four-wheelers applies only till the end of this year.
From next year, the incentive will drop down to Rs 1 lakh. Looking at the total benefits, the maximum that you can avail comes up to be Rs 2.75 lakhs (if you buy an electric four-wheeler and that too by the end of this year).
Along with the incentives on vehicles, the chargers are also proposed to be incentivized; Rs 10,000 incentive per charger in case of slow chargers and Rs 5 lakhs incentive per charger in case of fast chargers. However, the units will be capped in this case. The incentives will only be extended to the first 15,000 units of slow chargers and the first 500 units of fast chargers.
What is the Maharashtra government aiming at?
With the new incentive policy, the government has kept an aim of achieving at least 10% of new vehicle registrations per year to be EVs by 2025. The government is also aiming to achieve 25% electrification of public transport and delivery vehicles by the same year. With that being said, the aim of electrification of all government vehicles by April 2022 is already in place. Similar to most other states, the Maharashtra government is also aiming to become an EV investment hub in the country. This will help it attract more companies to build the ecosystem in the state. Looking at the current global trends, the EV ecosystem is only bound to grow.
Mr Sohinder Gill, CEO Hero Electric & Director General, SMEV said, “The Maharashtra government policy grants us the privilege to reach out to our potential customer base in the state. With the amendment of FAME 2 by the central government and now the individual state policies like this one have only encouraged the adoption of electric vehicles in India. The added subsidies from the government on batteries and overall vehicles apart from encouraging battery makers to invest in the state will only aid to the growing interest among investors and companies looking to make an entry into the manufacturing of parts for the segment. At Hero, we are looking forward to this new phase of Electric mobility that will be driven with the states and the consumers who are looking up to a green, clean mode of transport.”
Mr Naveen Munjal, MD, Hero Electric said, “With the announcement of revised EV policy by the state of Maharashtra, we expect the shift towards EV mobility in the country to gain more traction in the coming few days. The policy that aims to convert 10% of their overall EVs by 2025 and install 1500 charging station across the state, will only make EVs an attractive option for mobility in the state. Hero Electric is committed towards such initiatives and we are elated to further expand our reach with government support. We are extremely bullish about achieving our targets of 1 million scooters on road over the next few years.”
This was our information on the Maharashtra EV policy. If you have car buying doubts click here to ask! Get the lowest price for car insurance here. For more such content stay subscribed to MotorOctane Youtube, Google News Facebook and Twitter. Also, follow us on Flipboard and Reddit where we have a discussion community.