Electric Vehicles are gaining high popularity in recent times. The market is shifting towards electric mobility not just in India but across the world. Nowadays, almost all the automobile manufacturers have at least one EV in their portfolio. Those automakers who were left behind have also started coping up in the EV race. In addition to the established players, start-ups are also coming up with great electric vehicles. The EV space of India is getting really boomed up and to boost the sales of EVs in the National Capital Territory, the Delhi Government has come up with Electric Vehicle Policy.
The Aam Aadmi Party-led Delhi Government has introduced a new Electric Vehicle Policy. As we all know, due to the on-going coronavirus pandemic and the resulted prolonged nationwide lockdown, the Indian economy has taken a big hit. This new EV policy of the Delhi Government is aimed at boosting the economy of the region. It will also help to reduce the pollution levels in the union territory. This new policy will offer financial incentives to EV buyers and there is also a provision of scrapping incentives.
Delhi's Chief Minister Shri Arvind Kejriwal said that this new Electric Vehicle Policy is currently the country's most progressive policy on electric vehicles. He further added that this new EV policy will help to create a large number of jobs in the automobile sector in the National Capital Territory either directly or indirectly. Talking about the benefits that will be directly passed on to the buyers, so the EV buyers will be provided huge subsidies.
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Electric Two-wheeler buyers, electric auto-rickshaws and freight vehicles will get up to 30,000 rupees as subsidy. Electric Car Buyers will get huge benefits and subsidy of up to 1.5 lakh rupees will be provided. Moreover, scrapping incentives will be provided to people who replace their older internal combustion engine (ICE-powered) vehicles with new EVs. In addition to this, the Delhi government will waive the registration fee and road tax for electric vehicles.
The private EV buyers can avail the facility of low-interest loans while the interest on loans taken for electric vehicles for commercial activities will be waived. What's further interesting is that these schemes and subsidies are over and above to the ones already offered by the Central Government. Mr Kejriwal said that this new EV policy will be valid for three years from now. Also, the policy will be reviewed from time to time to amend it accordingly.
With the introduction of this new EV policy, the Delhi Government aims to increase the share of the electric vehicles by up to 25 per cent in Delhi by the year 2024. Currently, only 0.29 per cent of vehicles plying on the roads of National Capital Territory are EVs. The expenses related to this new EV policy will be taken care of by a new State EV fund. A separate EV board for the UT and an EV cell will be set up to ensure its proper implementation.
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This new Electric Vehicle Policy of the Delhi Government seems really good on paper and it can boost the sales of EVs in Delhi. But, how well will it be implemented on the ground level? Only time will tell us that. What are your thoughts on this new EV policy? Tell us in the comments below. You can also subscribe to our YouTube channel for more such amazing motoring updates.
