Mumbai: The Maharashtra government on Monday announced an average of 8 per cent electricity tariff cut for the next five years to help businesses and people tide over the COVID-19 crisis.

While the industry has been given the highest benefits, farmers will have to contend with a 1 per cent reduction in electricity costs, according to an official statement. It also added that all the revisions are for a period of five years.

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For the consumers served by private sector discoms Adani Energy and Tata Power in the financial capital, industrial units will have their power rates slashed by 18-20 per cent, commercial establishments by 19-20 per cent and residential ones by 10-11 per cent, it said.

The Maharashtra Electricity Regulatory Commission (MERC) has approved a move to cut tariffs by an average of 7-8 per cent as part of the move, which is first such measure in the past 10-15 years, an official statement said.

The move comes amid a spate of measures being taken by governments and policymakers to push economic activity amid the pandemic.

Industrial consumers in the state, excluding the capital Mumbai, will enjoy a tariff cut of 10-12 per cent, while residential ones will see their rates go down by 5-7 per cent, it said.