The Uttar Pradesh cabinet has recently approved Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022. This policy provides buyers with various EV Subsidiaries and incentives to electrify the demand for Electric Vehicles or EVs. The other side of this policy focuses on its supply by urging and promoting the manufacturers. It also considers building infrastructure for charging. Buyers of electric two-wheelers, three-wheelers, cars, buses and commercial electric vehicles would receive registration fees and road tax exemptions, as well as discounts on the ex-factory cost of such vehicles, under the UP EV policy.
Any EV purchased and registered in Uttar Pradesh would be exempt from road tax and registration fees for three years following the announcement of the new policy. Only EVs that are not only bought and registered in the state but are also manufactured there are eligible for full exemptions during the fourth and fifth years of the policy.
The new programme would offer buyers through dealers subsidies for a year following its notification. This option of electric vehicle subsidy will be provided once to the buyers. The ex-factory price for the electric two-wheelers will be discounted by 15%, up to Rs 5,000. A total budget of Rs 100 crores will support up to 2 lakhs of electric two-wheelers.
In accordance with the new policy, 50,000 electric three-wheelers would be supported by a 15% discount on the ex-factory price, up to Rs 12,000 for each vehicle. A budget of Rs 60 crores has been set aside to encourage such models.
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Under the new policy, up to 25,000 electric cars and SUVs would receive help in the form of a 15% subsidy on the ex-factory cost, which will not exceed Rs 1,000,000. A budget of Rs 250 crore has been set aside to assist electric passenger vehicles.
A budget of Rs 80 crores has been set out to support 400 electric buses under the new strategy. 15% of the ex-factory price, up to Rs 20 lakhs, will be covered by the subsidy.
10% of the ex-factory price, up to Rs 1,00,000, will be the subsidy for electric commercial vehicles or goods carriers. For 1,000 units, this sector has a budget of Rs 10 crores.
The Union government and other state governments in India are pursuing many actions to promote the adoption of electric vehicles more quickly. The nation wants to see 30% of passenger vehicles, 70% of commercial vehicles, 40% of buses, and 80% of two- and three-wheelers powered by electric vehicles by 2030. To achieve this, the new policy also provides government subsidies for electric vehicles.
