Haryana Becomes Latest State To Introduce EV Policy, Both Buyers And Manufacturers To Benefit
Modified On Jun 28, 2022 07:14 PM By Rohit
Buyers can grab an incentive of 15 per cent of the cost of an EV or up to Rs 10 lakh on purchase of electric or hybrid vehicles
- Benefit of 15 per cent or up to Rs 6 lakh on EVs priced from Rs 15 lakh to Rs 40 lakh.
- EVs priced between Rs 40 lakh and Rs 70 lakh attract an incentive of 15 per cent or up to Rs 10 lakh.
- Hybrid vehicles priced from Rs 15 lakh to Rs 40 lakh get a 15 per cent or up to Rs 3 lakh incentive.
- Buyers will also be given relaxation in registration fee and discount on road tax.
- Benefits for manufacturers include exemption on State tax, electricity bill and to companies setting up battery disposal units.
India has seen many carmakers launch their electric vehicles in the market of late. With the growing number of EVs, multiple States have also announced EV policies for new buyers. Now, Haryana has become the latest State to join the bandwagon.
A Brief Overview Of The Policy Details
The EV policy aims to protect the environment, reduce carbon footprint, make Haryana an EV manufacturing hub, ensure skill development in EV field, encourage uptake of EV vehicles, provide EV charging infrastructure, and encourage Research and Development in EV technology. It will be beneficial for both new EV buyers and manufacturers. It also aims to convert all government vehicles into EVs by 2024.
Benefits To Buyers
The policy will provide early bird direct benefit transfer of 15 per cent of the cost of the EV or up to Rs 10 lakh on purchase of EVs or hybrid electric vehicles in the State. Buyers will also be eligible for relaxation in registration fee and discount on road tax.
|Incentive||Price of Electric Car|
|15 per cent (Maximum Rs 6 lakh)||Rs 15 lakh to Rs 40 lakh|
|15 per cent (Maximum Rs 10 lakh)||Rs 40 lakh to Rs 70 lakh|
|15 per cent (Maximum Rs 3 lakh)||Rs 15 lakh to Rs 40 lakh (Hybrid vehicles)|
Benefits To Manufacturers
There are quite a few benefits for manufacturers mentioned in Haryana's new EV policy. These include a 50 per cent exemption on State tax for 10 years and full exemption on electricity for 20 years.
Companies manufacturing electric vehicles, components of electric vehicles, EV batteries, charging infrastructure etc., can grab incentives of up to 25 per cent or up to Rs 20 crore, depending on their size. The policy also includes an incentive of 15 per cent or up to Rs 1 crore to organisations setting up battery disposal units.
EV Policies Of Other States
Apart from Haryana, there are over 15 other States which are offering benefits to new EV buyers in addition to Union government's FAME II incentives.
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