India is currently taking big steps to promote the future of electric vehicles in India. Several state governments have announced incentives for EVs in addition to the schemes provided by the central government. In light of the same, Gujarat recently reported a 950 percent increase in EV sales since just 2019.
Reports citing official sources in the state government suggests that by the end of 2019, the number of registered EVs was hardly over 950 which increased to 1,119 in 2020. This was followed by a sudden surge when the number of registered EVs went up to 9,780 by the end of 2021 showing a 956% rise in the registration of EVs in Gujarat.
A senior source in the report also suggested that registration of EVs started increasing in large numbers from June 2021 onward after the state government rolled out its first electric vehicle policy having provision of subsidies and capital incentives for buyers and also for those who want to invest in charging infrastructure.
The EV policy was launched with a motive to help the state save fuel expenditure of up to Rs 5 crore, and also reduce CO2 emissions by six lakh tonnes in the next four years. The policy targets to subsidize the purchase of a total 200,000 EVs, which will include 110,000 e-two-wheelers, 70,000 e-three-wheelers, and 20,000 e-four-wheelers. Notably, the policy will be valid till 1 July 2025.
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As per sources, the incentive of Rs 10,000 per kWh of battery capacity is the highest offered by any state in India but the total subsidy is capped at Rs 20,000 for electric scooters and motorcycles, Rs 50,000 for e-rickshaws, and at Rs 1.5 lakh for electric cars and SUVs. Once the purchase document of the vehicle has been authenticated, incentives will be credited directly by the state transport department to the buyer’s bank account.
The subsidy is being offered to those buying the vehicles for private use and is not limited to commercial buyers which means that in order to qualify for this incentive, an e-two-wheeler cannot exceed Rs 1.5 lakh. Similarly, the cap for e-rickshaws to be eligible is Rs 5 lakh, and for electric cars, it’s Rs 15 lakh.
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