The Yogi-led Uttar Pradesh (UP) Government has announced its electric vehicle (EV) policy, intending to offer incentives to both makers and buyers of EVs over the next five years. Battery and EV component makers have also been included in the policy.
While increasing the adoption of EVs in UP is one of the core principles of the policy, it also aims to establish the State as an EV manufacturing hub. The Government is trying to attract investment worth over INR 30,000 crore and create jobs for over one million people via the same.
On offer for EV buyers will be 100% road tax and registration fee exemption during the first three years of the policy's effective period applicable to all types of EVs. In addition, government employees will be allowed to request advance payments that can be used to buy EVs.
The UP EV policy also includes a 30% capital subsidy on investment subject to a maximum of INR 1,000 crore per project for the first two ultra mega battery projects. In addition, 100% stamp duty reimbursement for setting up the Integrated EV Project & Ultra Mega Battery project is applicable but varies from region to region.
Kalyan C Korimerla, MD & Co-promoter, Etrio, said, 'Cargo EV mobility is the way forward for making intra and inter-city deliveries viable for e-commerce players. UP has one of the largest consumer markets and this move will help service the growing last-mile delivery demand more efficiently and eco-consciously. The policy is not only supportive of buyers but will aid EV manufacturing as it comes with better tax rebates for both consumers and manufacturers.“