In order to achieve wide-scale adoption of electric vehicles (EVs) in Odisha, the state government announced on Friday (September 17th) the establishment of an âElectric Vehicle Fundâ to provide various incentives to people who purchase electric vehicles. electric vehicles.
The government will provide incentives for the purchase and use of vehicles over the next four years, as provided for in the “Odisha Electric Vehicle Policy 2021,” the Commerce and Transportation Department informed. State in a press release.
As per the previous announcement, the state government will provide a lump sum subsidy of 15 percent on every purchase of electronic vehicles of all types. The maximum limit of the subsidy for the purchase of a two-wheeler has been capped at Rs 5,000 while the amount for three-wheelers and four-wheelers has been limited to Rs 10,000 and Rs 50,000 respectively.
In addition, the government will provide a 10% flat-rate subsidy on the purchase of electric buses up to a limit of Rs 4 lakh, while the ceiling for the subsidy on the purchase of goods and carrier vehicles has been set at 30,000. Rs.
According to chalked plans, Odisha’s government will ease up to 5% interest on the loan amount if a person purchases an EV for personal use on loan. The government is also considering exempting electric vehicle registration fees and motor vehicle tax for a certain period.
Electric vehicle manufacturing companies will benefit from a 100% net exemption from SGST and, under the 2021 policy for micro, small and medium enterprises (MSMEs), micro and small companies manufacturing batteries will also be encouraged by the government.
In accordance with the start-up policy, battery manufacturing companies will receive the required assistance from the government. In addition, concessions on parking fees will be granted for electric vehicles in all cities, while customers will also benefit from a reduction at charging stations to recharge their vehicles.
With the aim of reducing carbon emissions, Odisha’s cabinet approved the Electric Vehicle Policy 2021 in August. Odisha became the 10th state in the country to have a full policy for this ambitious project.