With the formulation of this policy, research and development in the field of electric-vehicles will be encouraged.
Moreover, provisions have been made in the policy to reduce the upfront cost of electric-vehicles. In this, the buyers of hybrid EV will also get incentive.
The EV policy offers various financial incentives to EV manufacturers by giving incentives on fixed capital investment (FCI), net SGST, stamp duty, employment generation, among others.
Also, there is 100 per cent reimbursement of stamp duty along with exemption in electricity duty for a period of 20 years.