Uttar Pradesh’s new EV policy: Here’s how you can benefit from it | Mint
Active Stocks
Tue Feb 27 2024 09:38:36
  1. State Bank Of India share price
  2. 760.05 0.14%
  1. Sun Pharmaceutical Industries share price
  2. 1,558.35 0.09%
  1. Power Grid Corporation Of India share price
  2. 289.90 0.75%
  1. Tata Steel share price
  2. 142.70 0.07%
  1. ITC share price
  2. 409.75 0.13%
Business News/ Auto News / Uttar Pradesh’s new EV policy: Here’s how you can benefit from it
BackBack

Uttar Pradesh’s new EV policy: Here’s how you can benefit from it

The UP government would offer a complete waiver of registration fees and road tax for any electric vehicle bought and registered in the state. The benefit will be available from the day the state government formally issues a notification on the new EV policy.

The EV Policy of the state also aims to transform public transport with offers to promote electric mobility.Premium
The EV Policy of the state also aims to transform public transport with offers to promote electric mobility.

Uttar Pradesh now has its own EV policies. The state cabinet has approved the new EV policy called Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022 earlier this week. The policy is not only aimed to benefit private buyers of EVs but also commercial vehicles like three-wheelers, buses and other transport vehicles.

Here’s how users will get benefits when buying a personal electric car or two-wheeler in Uttar Pradesh:

The UP government would offer a complete waiver of registration fees and road tax for any electric vehicle bought and registered in the state. The benefit will be available from the day the state government formally issues a notification on the new EV policy. In case one plans to buy an EV after three years, the state government will waive off these two for someone buying an EV manufactured in the state. The benefits after two years are in line with the state government’s initiative to invest more than 30,000 crore to become a global hub for EV manufacturing.

Other than waiving off road tax and registration fees, the UP government will also offer incentives for buying new electric vehicles in the state. Electric two-wheelers which currently dominate the share of EV sold in India, will get maximum benefit in the state. The UP government will offer a subsidy worth up to 5,000 over the ex-showroom cost minus GST on a particular EV. According to the budget allocation, around two lakh electric two-wheeler buyers will benefit from the incentive.

For someone looking to buy an electric car can avail subsidy worth up to 1 lakh over the ex-factory cost of the vehicle. The subsidy can be availed by the first 25,000 electric car buyers in the state.

Uttar Pradesh is also home to a large number of electric three-wheelers. In order to promote cleaner mode of transport, the state government has decided to extend the incentives to electric rickshaws and tempos with benefits up to 12,000 per EV. This would help around 50,000 buyers of electric three-wheelers in the state according to budget allocation.

The EV Policy of the state also aims to transform public transport with offers to promote electric mobility. The EV policy will also offer subsidies worth up to 20 lakh on electric buses besides other commercial vehicles. The state government has kept aside 80 crore as subsidy amount to buy new electric vehicles. Other electric commercial vehicles will get incentives of up to 1 lakh.

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Auto News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Oct 2022, 02:42 PM IST
Next Story footLogo
Recommended For You
Petrochemical Stocks
₹8,447.40.14%
₹4,496.85-0.51%
₹1,927.6-0.39%
₹11,459.450.79%
₹936.70.38%
Switch to the Mint app for fast and personalized news - Get App