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Thursday, November 30, 2023

How UP’s New Electric Vehicle Policy Will Benefit Buyers, Manufacturers. Details Inside

UP Announces New Electric Vehicle Policy: The Uttar Pradesh government has launched the New Electric Vehicle Manufacturing and Mobility Policy, 2022 to pursue its dream of building an eco-friendly transportation system thereby making the state a global hub for the manufacturing of electric vehicles, batteries and associated equipment.Also Read – UP Govt Announces New EV Policy, Offers Incentives To Buyers, Manufacturers | Details Here

The new EV Policy aims to achieve three targets:

  1. Benefits to consumers for purchasing EVs
  2. Benefits to manufacturers of EVs, batteries and related components
  3. To service providers developing charging/ swapping facilities

The policy aims at attracting investment of more than Rs 30,000 crore and generating direct and indirect employment for over one million people. Keeping in mind India’s Net Zero emission target for 2070 the new policy aims at building an eco-friendly transportation system. The state also wants to leverage the EV industry potential market to achieve its trillion-dollar economy goal. Also Read – BYD Atto 3 Electric SUV Launch Today: Check Range, Interior, Specifications, All Key Details Here

Benefits To Buyers And manufacturers

  • 100 per cent road tax and registration fees exemption during the first three years of the effective period of the policy on all segments of electric vehicles purchased and registered in Uttar Pradesh.
  • Government employees will be encouraged to buy EVs
  • State Government will give advance for the purchase of EVs
  • The new policy provides capital subsidy at the rate of 30 per cent on investment
  • The policy provides stamp duty reimbursement to the manufacturers,
  • The new policy provides capital subsidy at the rate of 30 per cent on investment subject to a maximum of Rs 1,000 crore per project to a maximum first two ultra mega battery projects
  • The state government shall also facilitate land to service providers for setting up public charging infrastructure by providing government land on lease for 10 years at a nominal revenue-sharing model of Re 1 / kWh.

The projects set up in Madhyanchal and Pashchimanchal will see reimbursement of 75 per cent and 50 per cent on stamp duty in Ghaziabad and Gautam Buddh Nagar districts. Also Read – 1000+ EV Charging Points In Delhi In Less Than Year. Why It's Significant

(With Agency Inputs)

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