The Uttar Pradesh government is targetting to attract Rs 30,000 crore in electric vehicle manufacturing space.
In fact, the Yogi Adityanath government is aiming to become an e-vehicle manufacturing hub in South Asia.
The state is confident that especially the western and central UP districts have a great potential to become future e-vehicle hubs due to a large network of highways and expressways apart from its proximity to the National Capital Region (NCR) and upcoming freight corridors.
The districts of Lucknow, Gautam Buddha Nagar, Kanpur City and Meerut are being positioned as the potential e-vehicle hubs in UP.
The electric mobility sector is expected to feed the aim of UP to become a $trillion economy by 2027.
Under the newly promulgated UP Electric Vehicle Manufacturing and Mobility Policy 2022, the state has set an ambitous target of netting Rs 30,000 crore of private investment and creating a million new job opportunities.
UP chief minister Yogi Adityanath has asked officials to take steps for facilitating the e-vehicle manufacturers and their channel partners in the state. The state is planning to create an ecosystem for the sector players to flourish in UP and cater the both domestic and global markets.
The offshore markets on the radar of the UP government include USA, the UK, Australia, Africa apart from the South and East Asian countries.
The new policy mainly comprises three elements viz. encouraging the sale of e-vehicles; promoting manufacturers of e-vehicles and components such as batteries; and developing a robust network of charging points and battery swap centres.
The policy provides for 100 percent registration fee and road tax exemption on e-vehicles, which are purchased and registered in UP within three years of the notification of the policy. An electric two-wheeler is eligible for a 15 percent discount on ex-factory cost, up to a maximum of Rs 5,000.
Besides, the policy will support 50,000 electric three-wheelers with a subsidy of 15 percent on ex-factory cost, up to a ceiling of Rs 12,000.
There are subsidies and incentives for the manufactures in the form of capital subsidy and stamp duty exemption too.