Subsidy For Electric Vehicle Buyers

UP Announces Huge Subsidy For Electric Vehicle Buyers

Subsidy For Electric Vehicle Buyers

In a bid to promote faster adoption of clean mobility solutions and to create a conducive ecosystem for electric vehicles in Uttar Pradesh, the state cabinet chaired by Chief Minister Yogi Adityanath approved the new Electric Vehicle Manufacturing and Mobility Policy- 2022 on Thursday.

Under this, a huge subsidy will be given by the state government for the purchase of electric vehicles, said a press release.

The government has set a target to attract investment of more than Rs 30,000 crore in Uttar Pradesh which will generate employment (direct and indirect) for over 10 lakh people, added the press release.

The new Electric Vehicle Policy is aimed not only at developing an eco-friendly transport system in the state but also to make Uttar Pradesh a global hub for manufacturing electric vehicles, batteries, and related equipment, as per the statement.

A provision for a three-pronged incentive system has been made in the new Electric Vehicle Manufacturing and Mobility Policy – 2022 that includes benefits to consumers for purchasing EVs; to manufacturers of EV, EV batteries, and related components; and to service providers developing charging/swapping facilities.

During the first three years of the effective period of the new policy, there will be a 100 percent road tax and registration fee exemption on the purchase of all categories of electric vehicles. If the electric vehicle is manufactured in the state, the same exemption will continue in the fourth and fifth years also.

A subsidy of 15 percent will be given on factory cost for purchasing two-wheeler EVs up to a maximum of Rs 5,000 per vehicle subject to the first 2 lakh EVs purchased; up to a maximum of Rs 12,000 per three-wheeler EVs subject to a maximum first 50,000 such EVs purchased; and up to Rs 1 lakh per four-wheeler electric vehicle subject to a maximum of first 25,000 EVs purchased.

At the same time, a subsidy of up to Rs 20 lakh per e-bus (Non-Govt) subject to a maximum of first 400 such e-buses; and a 10 percent subsidy on factory cost for purchasing e-goods carriers of up to Rs 1,00,000 per vehicle to a maximum of first 1000 carriers.

Under this policy, a provision has been made to provide subsidies up to a maximum of Rs 10 lakh per project to the service providers developing 2,000 charging and battery-swapping facilities in the state. At the same time, there is a provision to provide a capital subsidy of up to Rs 5 lakh per swapping station to the service providers developing facilities of one thousand such swapping stations.

Similarly, the first five EV projects with an investment of Rs 3000 crore or more for setting up of centralized manufacturing units of electric vehicles, EV batteries, and related components, including R&D and testing facilities in the state, will be given a maximum of Rs 500 crore per project. Under this, the capital subsidy will be provided at the rate of 20 percent. (ANI)

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