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No more registration fees for electric vehicles. The Indian government has given the green signal to a landmark rule. In a bid to attract more people to consider and buy electric vehicles, the central government has scrapped the registration fees of electric cars completely.
The central government had recently announced the draft notification in order to make a few changes to the Central Motor Vehicles Rules of 1989. In the new draft, it is proposed that Battery Operated Vehicles (BOV) be exempt from paying fees for issuing a Registration Certificate or renewing it.
This move from the central government comes as a blessing for electric vehicles and the industries depending on them. A few states in India have already waived off any fees for registration. But this new policy will be implemented across the country, helping both EV manufacturers and customers uniformly across the country.
At present, the EV sales in India for the FY2021 is at 2,38,120 units, which is 57,377 units less than EV sales in FY2020. Despite an almost 20% dip in EV sales, both the manufacturers and the government believe that the EV segment in the country is a rapidly booming sector.
This is because the reduction in sales of EVs can be attributed to the COVID-19 pandemic and a series of lockdowns to curb it. This in turn resulted in poor business and business growth.
If we further dissect the numbers, we can see that Electric two-wheeler and three-wheeler sales dropped to 1,43,837 units and 88,378 units respectively on a year-on-year basis. Now, the electric vehicle market is expected to boom, as businesses open up.
Thoughts On Indian Government Waiving Off the Registration Fee For Electric Vehicles
Electric vehicles certainly are the future and many individuals as well as brands know this. The Indian government too knows how big an industry this is, and is hence giving EV buyers lots of benefits. With the added support from the government, it looks like the EV segment will grow at a much better pace than ever before.