Indian EV industry gets a boost from Maharashtra new EV policy 2021
Maharashtra is called the Gateway of India. It plays the most crucial role in Indian economic policy.
Introduction to the new policy
The new policy of Maharashtra focuses on achieving a total of 10% of vehicle registration by 2025, the early adopters of electric vehicles in the state.
Key points of the new policy
- All types of EVs(two, three, four, and buses) will carry an incentive rate of Rs. 5,000/kWh(INR).
- The policy will accelerate the installation of charging infrastructure across the state. This move of the state has gained a lot of popularity from electric vehicle manufacturers and charging producers.
This new EV policy of Maharashtra in cognizance with the Fame II policy will build a strong bulwark of electric mobility for the EV industry.
How will this policy aid the EV sector?
- The state government targets a 10% penetration of EVs by 2025.
- A 25% EV adoption in public transport.
- The policy gives an incentive of setting up 2,500 charging infrastructure in key cities and major infrastructure at highways.
- In addition, the state government will offer 10,000 per bike customers an additional 15,000 off if they purchase a bike before 31st December making a total of 25,000 waive off.
- EV bikes would enjoy exemption from road tax, and registration charges will further boost customer savings.
- A petrol owner exchanging their bike for an Electric vehicle will get Rs. 7,000 as a scrappage incentive. "The implementation of Maharashtra Electric Vehicle Policy 2021, in addition to the FAME II incentive, will accelerate the process of EV adoption in the state. The increased subsidy being offered under the new scheme will make EV motorcycles more affordable and accessible to consumers," Revolt said.
- The budget for providing funds will receive aid from combustion green cess levied on registration of old vehicles and fuel cess.
- The policy will favour a considerable adoption of e-buses in key cities across the state.
- The Maharashtra government's EV policy is another step towards achieving faster penetration of EVs in India, ICRA said in a statement. "In line with other states, the Maharashtra government has also unveiled its EV policy. The state government has proposed to set aside Rs 930 crore over the next four years to promote the adoption of EVs and create necessary charging infrastructure in the state," said Shamsher Dewan, Group Head and Vice President for Corporate Sector Ratings at ICRA Ltd.
If people adopt this new EV policy, they’ll help the environment get better and leverage modern mobility. Electric vehicles are the future, and the Maharashtra government’s commitment towards EVs will usher in an innovative transport model.
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