Maharashtra eyes Rs 10,000 crore investment for electric vehicles

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Maharashtra government, which recently launched a policy on electric vehicles, has coaxed a bunch of players such as M&M, Tata Motors and JSW Energy to submit proposals worth Rs 10,000 crore to build plants in the state.

“We have almost 5-6 players who have submitted their proposals and we are evaluating all of them,” said a senior government official asking not to be named.

The policy, which was approved in February this year, aims at manufacturing 500,000 EVs in the state within the next five years. The state government has also proposed exempting e-vehicles from road tax and registration charges.

Additionally, first 100,000 buyers of EVs registered in the state will be given a 15 percent subsidy.

In March, centre decided against formulating an electric vehicle (EV) policy. “There is no need for any policy now,” said Nitin Gadkari, minister for road transport.

However, a month after centre took a U-turn from its stand on the electric vehicle policy, the government’s think-tank NITI Aayog asked seven ministries to frame guidelines to encourage the use of EVs.

Players like M&M, Tata Motors, JSW Energy are in talks with the government to set up capacities. Mahindra has already announced additional investments of 500 crs in the EV space. Mahindra has already invested in the EV space before the policy was announced.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow