Maharashtra Allocates ₹66.82 Crore for Bajaj Auto's EV Incentives
The Maharashtra government has approved additional funding to support Bajaj Auto's electric vehicle incentives, enabling the registration of over 66,000 more vehicles.
Maharashtra government approved ₹66.82 crore for Bajaj Auto under the EV policy.
Funding will support incentives for 66,817 additional electric vehicles.
The decision was made during a cabinet meeting led by Chief Minister Devendra Fadnavis.
In a significant move to bolster electric vehicle adoption, the Maharashtra government has allocated ₹66.82 crore in additional funding for Bajaj Auto. This decision, made during a cabinet meeting chaired by Chief Minister Devendra Fadnavis, aims to provide incentives for 66,817 electric vehicles, as the initial allocation for two-wheelers had already been exhausted.
The Maharashtra Electric Vehicle Policy-2021 facilitates incentives for new electric vehicles registered in the state. These incentives are offered to buyers at the point of sale, with manufacturers later seeking reimbursement from the government. The policy's ceiling for one lakh electric two-wheelers was reached due to the combined sales of various manufacturers operating in the state.
Bajaj Auto's request for additional funding was prompted by the need to extend incentives for the surplus vehicles beyond the initial allocation. The state cabinet's approval of this special provision underscores the company's significant contributions and investments in Maharashtra's industrial landscape.
This funding approval is expected to have a positive impact on the electric vehicle market in Maharashtra, encouraging more consumers to consider electric two-wheelers. The move aligns with the state's broader goals of promoting sustainable transportation and reducing carbon emissions.
Looking ahead, the additional funding will facilitate the registration of more electric vehicles, potentially leading to increased sales for Bajaj Auto. As the state continues to support the electric vehicle sector, further developments in policy and funding are anticipated in the coming months.
