The Uttar Pradesh government has announced the state’s new electric vehicle policy to promote faster adoption of environment-friendly clean mobility solutions.
The new electric vehicle policy aims to attract investment of more than Rs 30,000 crore and generate direct and indirect employment for over 10 lakh people. 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 EV policy provides an 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.
The EV policy also provides attractive subsidies to the buyers to open up the electric vehicle market in the state. It includes 100 percent road tax and registration fees exemption during the first three years of the 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 year too.
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 percent on investment subject to maximum of Rs 1,000 crore per project to maximum of first two ultra-mega battery projects, investing Rs 1,500 crore or more each for setting up battery manufacturing plants in the state of minimum production capacity of 1 GwH.
