Maharashtra government announces 15% subsidy on EVs

The Government of Maharashtra has announced new incentives in a bid to promote manufacturing and sales of electric vehicles (EV) in the state.

As part of the new policy, EV buyers will receive a subsidy of 15% on the total price of the vehicle from the state. Besides this, the government had already announced that EVs will be exempt from road tax and registration fees. This is expected bring down the cost of owning an EV considerably.

The government has also laid down a policy to set up a charging infrastructure in the state. The first 250 charging stations will get capital subsidy of 25% with a maximum limit of Rs. 10 lakh per charging station. In all, the government plans to spend Rs. 2,800 crore on setting up charging infrastructure in the state over the next 10 years.

The state government has also announced that the electricity used for charging EVs will be charged at residential rates, which will be considerably cheaper than commercial rates.

The Government of Maharashtra is hoping that the policy will attract fresh investments of Rs. 25,000 crore. It also hopes to create 1 lakh jobs over the next 5 years.

Source: Hindustan Times