The Delhi government recently announced an extension of the Delhi Electric Vehicle Policy by three months until May 31st, 2023. This comes as welcome news for electric vehicle buyers in Delhi who now have extra time to take advantage of financial incentives when purchasing EVs in the capital city.
Originally launched in August 2020, the Delhi EV Policy aims to accelerate the adoption of electric vehicles so they make up 25% of all new vehicle registrations in Delhi by 2024. The policy takes a multi-pronged approach by offering purchase subsidies, a scrapping incentive for retiring old petrol and diesel vehicles, waiving road tax and registration fees for EVs, installing charging stations across the city, and more.
The EV policy was scheduled to end on December 31st, 2022 but has now been extended by an additional three months amidst strong and growing demand for electric vehicles in Delhi. According to Delhi Transport Minister Kailash Gahlot, over 13,000 EVs have been sold in Delhi since the policy launch in 2020. This includes over 12,000 electric two-wheelers, 550 electric cars, and around 600 electric autorickshaws and freight carriers.
Financial Purchase Incentives
A major highlight of Delhi’s EV policy has been providing strong financial incentives of up to ₹30,000 for electric two-wheelers and ₹1.5 lakhs for electric cars, making them price competitive against petrol or diesel variants for most models. This subsidy support over the next three months will help even more citizens switch over to EVs and do their bit to reduce Delhi’s vehicle pollution and emission levels.
Inventory Stock Relief
In addition to benefiting customers, the EV policy extension comes as a relief for manufacturers and dealers too who had built up inventory stock expecting the original December deadline. The additional three-month window allows dealers to tap this stock without suffering financial losses.
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Overall, the extension is a shot in the arm for Delhi’s electric vehicle push. Greater adoption of EVs powered by an ever cleaner electricity grid will contribute substantially towards improving Delhi’s air quality while also doing its part against climate change. As such, this extension of incentives and policy support till at least May 2023 is a welcome move.
