The new Electric Vehicle Policy 2022 from the Uttar Pradesh government delivers a number of advantages and special privileges for EV owners. The new strategy concentrates on supporting EV production in the state and developing the necessary charging infrastructure in order to increase demand for electric vehicles.
UP EV Policy
The government of Uttar Pradesh has made a number of announcements to encourage the use of electric vehicles around the country, such as tax breaks for EV owners and the development of public charging stations. Direct and indirect employment for over a million people will increase, and investment will be encouraged.
The strategy, according to the official spokesman, offers purchasers alluring subsidies in an effort to expand the state’s market for electric vehicles.
An important aspect of the UP EV Policy is that it exempts electric vehicle owners from paying registration fees and road tax while also providing discounts on the ex-factory cost of the vehicles.
Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022 Explained
- According to the UP government statement, the UP EV Policy provides appealing incentive regime which includes benefits to customers for acquiring electric vehicles, to makers of batteries and related components and to the service providers providing charging stations.
- To expand the state’s electric vehicle market, the EV policy also offers buyers alluring subsidies. For the first three years of the policy’s implementation period, all types of electric cars purchased and registered in the state are completely exempt from road taxes and registration costs. The fourth and fifth years will also see the same exemption.
- The state of Uttar Pradesh has also set aside 500 crores of its budget for an annual purchase subsidy UP EV Policy for all EV sectors. Additionally, it includes a 15% factory cost subsidy for buying two-wheeled electric vehicles up to 5,000 per vehicle, subject to the purchase of the first two lakh EVs, a three-wheeled EV up to 12,000 per vehicle, subject to the purchase of the first 50,000 such vehicles, and a four-wheeled EV up to 1 lakh per vehicle, subject to the purchase of the first 25,000 EVs.
- Government employees will be encouraged to buy electric vehicles and will even get a cash advance. To promote EVs, a Go Electric campaign will also launch. A 12-person empowered committee will be established and presided over by the Industrial Development and Infrastructure Commissioner in order to carry out the EV policy.
- In accordance with the proposed EV strategy, expressway charging stations will be built at intervals of 25 km and within a 9 km radius of urban centres.
- Parking spaces, subway stations, bus stops, gas stations, commercial buildings, educational and medical establishments, and shopping malls in metropolitan areas will also have charging stations built. It’s important to note that the property for the charging station will be leased for ten years.
- A 20% subsidy of up to Rs 10 lakh would be given to the first 2,000 charging stations.
- The strategy, according to the Uttar Pradesh government, also makes it possible for provisions to draw significant investments. The UP EV Policy also offers a 30% capital subsidy on investments up to a maximum of 1,000 crores per project for the first two super mega battery projects, each of which must invest at least 1,500 crores in order to set up a battery manufacturing facility with a minimum production capacity of 1 GwH.
According to the government, the new UP EV policy aims to attract more than 30,000 crore in investment and generate jobs (direct and indirect) for more than 10 lakh people.
The Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022’s main points should have become clear by now. This UP EV Policy will bring about a massive upheaval in the state electric vehicle market.
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