Indian EV industry welcomes incentives under new Maharashtra EV Policy 2021

The new Maharashtra EV Policy 2021 aims to incentivise early adopters of electric vehicles in the state. The government of Maharashtra is aiming to achieve an overall 10% of vehicle registrations to be EVs by 2025.

By:Updated: Jul 17, 2021 8:06 AM

Maharashtra has announced its new EV policy for 2021. The Maharashtra EV Policy 2021 is offering many incentives for early adopters of electric vehicles in the state. Including two-wheelers, three-wheelers, four-wheelers, busses and even transport vehicles, all will carry incentives with a rate set at Rs 5,000/kWh battery capacity till the end of the year. Additionally, incentive plans have also been announced to accelerate the development of charging infrastructure across the state. Electric vehicle manufacturers in India as well as charging solution providers and parties involved have welcomed the move by the state. Here is what they had to say;

Sohinder Gill, CEO Hero Electric & Director General, SMEV

“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.”

Read our detailed report on the new Maharashtra EV Policy 2021 – New Maharashtra EV Policy Draft announced: EV prices set to undergo reduction

Naveen Munjal, MD, Hero Electric

“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.”

Shailesh Chandra, President, Passenger Vehicle Business Unit, Tata Motors.

“We are delighted to see a very enabling EV policy by the Maharashtra Government. It is a welcome move and indeed a very strong resolve shown by the government towards EV adoption. Also, the support extended in increasing charging infrastructure will offer electric vehicle owners a hassle-free commute. This visionary policy will enable a faster transition to EVs.”

Rajesh Jejurikar, ED, auto & farm sectors, Mahindra & Mahindra

“The new Maharashtra EV policy is both, progressive and comprehensive in nature. The policy covers all aspects of EV ecosystem from charging to making financing simpler. While, the fiscal benefits will make EVs affordable, the non-fiscal benefits will help develop the overall EV ecosystem in the state.”

Shamsher Dewan, Group Head & Vice President – Corporate Sector Ratings, ICRA Limited

“In ICRA’s view, Maharashtra’s Government EV policy is another step towards achieving faster penetration of EVs in India. Given the state’s sizeable contribution to overall vehicle sales in India, the policy’s allocation towards demand incentive (including early bird discount) is a major positive. Combination of various benefits offered under the policy will help in reducing the price-gap between EVs and ICE significantly, especially for e2Ws and e3Ws. The policy also favours considerable adoption of e-buses in key cities across the state.”

Tarun Mehta, CEO & co-founder Ather Energy

“The Maharashtra government’s new EV Policy is extremely comprehensive and has taken into account the entire EV ecosystem. The incentives offered for both the demand and supply side will accelerate the adoption and the manufacturing of EVs in the country.  In addition to demand incentives, the policy also incentivises buy-back, and vehicle scrappage. Early bird incentive is a great mechanism to jump start things, as well as to drive festive sales. Ather Energy is geared to cater to the rising demand in Maharashtra through its retail outlets in key cities like Mumbai, Pune and plans to expand to Nashik and Nagpur soon. Such progressive policies introduced by the state governments have the potential to drive faster adoption of electric vehicles in the country.”

Tarandeep Ratra, Co-founder, Charge City

“Maharashtra’s revised EV Policy of 2021 has laid much-needed focus on the development of charging infrastructure by not only providing higher incentives to charging point operators that install them but also to building owners that host chargers, in the form of property tax rebates. The revision in incentives for the demand side would be a major boon, especially the early bird incentives until December 31st 2021. Although some clarity is still needed on whether the incentives for 4 Wheeler EVs capped at Rs.1.5 lakh shall be applicable for electric cars beyond the price range of Rs. 15 Lakh”

Uday Narang, Chairman, Omega Seiki Mobility 

“I would like to congratulate and thank the Government of Maharashtra for announcing an ambitious electric vehicle policy. This radical step taken by the Maharashtra Govt. to subsidise electric vehicles will provide the much-required stimulus. The Rs 930 crore policy aims to get nearly 3 lakh new EVs on the road every year by 2025. That is not all. The new policy will also help create an estimated 1 lakh new jobs. Besides, the support for setting up a charging infrastructure, not just in urban areas but also on highways, will lead to faster adoption of electric vehicles. I hope more and more states follow Maharashtra’s lead and bring out similar incentives and pave the way to make India the Number 1 EV maker.”

Nishant Arya, Vice Chairman & MD, JBM Auto Ltd.

JBM Auto welcomes the Maharashtra Electric Vehicle Policy 2021 announced by the state as a forward-looking and progressive EV policy. The policy proposes to set aside Rs 930 crore over the next 4 years towards promoting the adoption of EVs and create necessary charging infrastructure in the state. We see a huge opportunity from the state as the policy is slated to achieve 25% electrification in intra-city public transport in Mumbai, Aurangabad, Pune, Nagpur and Nashik by 2025. Also, with 15% of the 18000 MSRTC buses to go electric, there is a clear market of over 2500 electric buses in the next few years involving lucrative incentives for e-buses. The policy promotes the EV ecosystem holistically with inclusion of public charging stations on highways every 25 kms for e-buses and e-trucks”

Jeetender Sharma, MD & Founder, Okinawa Autotech

“We are motivated to see more and more Indian states stepping up their efforts to expand the adoption of electric vehicles across the country by developing new initiatives and coming up with effective policies.The Maharashtra government’s new electric vehicle policy is exceptionally thorough, taking into account the complete electric vehicle ecosystem.The benefits offered for both the demand and supply sides will speed up the country’s adoption and manufacturing of EVs.This forward-thinking policy will accelerate the transition to EVs.” With this additional impetus, Okinawa is certain to expand its presence and foothold in the region. We share the government’s goal of reaching every region of the country with a diverse product range so that people have options, especially after the subsidy increase implemented in the FAME II policy last Month.”

Sulajja Firodia Motwani, Founder and CEO, Kinetic Green

“Maharashtra and the progressive Environment Minister, Aditya Thackeray, have hit a sixer with the new Electric Vehicle policy announced today. It is unarguably the most comprehensive EV policy, as it has addressed all aspects of EV eco – system. The policy has announced aggressive and attractive support package for demand creation and incentives to EV buyers, push for creating a charging infrastructure, supply side incentives to attract investment for manufacturing EV and their components including push for a giga factory for Lithium battery cells along with push for EV procurement by GoM!

I strongly believe that this EV policy, which should be rapidly and seamlessly implemented, can make our state a leading state for EV skills and ecosystem, manufacturing and sales. As a Pune based group, with its roots and deep presence in Maharashtra , Kinetic is proud of this development and commits to extend its full support to this cause. Kinetic Green is already a leading player in the EV sector and we  look forward to increasing its investment and market presence in Maharashtra “

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Auto News