Free parking, No tolls for Electric Cars and more: Here’s how the government intends to incentive EVs for India

The government think tank NITI aayog has released some measures to incentivize and subsidize EVs over the next decade.

By: | Published: January 7, 2018 3:50 PM
gst on electric vehicles, electric vehicles gst, income tax deduction on electric vehicles, electric vehicles income tax deduction On specific fiscal measures, SIAM said GST rate for all EVs may be brought down from 12 per cent to 5 per cent and road tax be fully exempted. 

While we inch toward the 2032 deadline, for complete electrification of all cars manufactured in India. The question of the consumer remains. Whether the Electric car should be incentivized or subsidized or both. The NITI Aayog which is the government think tank regarding the implementation of the EV and policymaker has drafted a policy to heavily incentivize EVs in India. Among the suggested norms, NITI has suggested that electric vehicles be demarcated by green number plates. In terms of incentivizing electric cars, NITI has suggested EVs (sic) their owners should be given benefits such as free parking and waiver of toll fees across the country. Additionally, the draft also suggested that 10% of all parking spaces in residential spaces, shopping malls and office complexes be allocated for electric cars in the near future.

According to the study that was first featured in Times of India, the think tank seems to hypothesize that if India is to seriously take electrification very seriously, it could save about 64% of energy required for road transport and further reduce 37% of carbon emissions by the year 2030. The study also says that India could India could stand to save up to 60 billion dollars in diesel and petrol costs by 2030.

However, this only happens only if India moves steadily on the road to electrification of its fleet by 2030, Market leader Maruti has already announced that they will look at a 2020 deadline for their first electric car, but as of right now they too are not sure of a complete electrification by the year 2032.
Source: TOI.com

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