Uttar Pradesh's Electric vehicle policy eyes ₹30k crore investment and generate over 10 lakh jobs
In an official statement, the Uttar Pradesh government said the main objective of the policy is to make the state a global hub for the manufacturing of electric vehicles, batteries and other equipment.
The Yogi Adityanath government in Uttar Pradesh announced the state's new electric vehicle policy in a bid to promote faster adoption of environment-friendly clean mobility solutions. In an official statement, the Uttar Pradesh government said the main objective of the policy is to make the state a global hub for the manufacturing of electric vehicles, batteries and other equipment. The government said the new electric vehicle policy aims to attract investment of more than ₹30,000 crore and generate employment (direct and indirect) for over 10 lakh people. Here the key highlights of the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022. 1. According to the UP government statement, the EV policy provides attractive incentive regime which includes benefits to consumers for purchasing electric vehicles, to manufacturers of batteries and related components and to the service providers developing charging facilities. 2. The EV policy also provides attractive subsidies to the buyers to open up the electric vehicle market in the state. It includes 100 per cent road tax and registration fees exemption during the first three years of effective period of policy on all the segments of electric vehicles purchased and registered in the state. The same exemption will be applied in the fourth and fifth eyear too.
3. The UP government has also allocated a budget outlay of ₹500 crore under a purchase subsidy scheme notified for a period of one year on all segments of EVs. It also includes a 15 per cent subsidy on factory cost for purchasing two-wheeler electric vehicles of up to ₹5,000 per vehicle which is subject to first two lakh EVs purchased, ₹12,000 per three-wheeler EV subject to maximum first 50,000 such vehicles purchased and up to ₹1 lakh per four-wheeler EV subject to maximum of first 25,000 EVs purchased.
4. The state government employees will be encouraged to buy electric vehicles for which an advance will be allowed by the regime.
5. The Uttar Pradesh government said the policy also enables provisions to attract big ticket investments. The policy also provides capital subsidy at a rate of 30 per cent on investment subject to maximum of ₹1,000 crore per project to maximum of first two ultra mega battery projects, investing ₹1,500 crore or more each for setting up battery manufacturing plant in the state of minimum production capacity of 1 GwH.