Bihar's first EV policy: Know subsidies and tax benefits
The Bihar government has approved its first electric vehicle policy, to promote a transition from fuel-powered vehicles to zero-emission models. Led by Chief Minister Nitish Kumar, the Bihar Electric Policy 2023 aims for EVs to account for at least 15% of total vehicle sales within the next five years. S Siddharth, the Additional Chief Secretary, stated that the policy's primary objective is to encourage the rapid adoption of electric and hybrid vehicles by providing incentives and establishing infrastructure.
Incentives and subsidies to attract more buyers to EVs
To entice buyers, Bihar's EV policy offers various incentives, such as subsidies on Motor Vehicle Tax of up to 75%. The government is also offering incentives of up to Rs. 1.25 lakh each for the first one thousand electric cars purchased in the state. Similar benefits will be extended to the first 10,000 electric two-wheelers, including a Rs. 10,000 discount on purchase and up to a 75% waiver of tax. The policy's goal is to promote sustainable mobility.
The Bihar government is aiming to establish its EV ecosystem
The Bihar Electric Policy 2023 also seeks to attract investments in the state to establish its EV ecosystem with supporting industries. It has proposed using renewable energy for charging stations, with approved tariff rates for high-tension charging stations set at Rs. 8/KvA for the current financial year. Additionally, the policy aims to incentivize those scrapping old electric vehicles and EV components. The government has also approved the purchase of 400 electric buses under the PM-e Bus Sewa scheme.
Development in charging infrastructure will create new opportunities
With the development of charging infrastructure and other supporting industries, the Bihar government is planning to create more jobs in the state. Along with employment, the new policy will also help reduce the overall pollution level in the state, leading to a healthier life.
