EV Subsidy Scheme: You’ll be pleased to hear this news if you also intend to purchase an electric bike or automobile. The UP government has announced a significant move towards electric vehicles, after the exemption of hybrid vehicles from registration fees. The EV Subsidy Scheme was recently extended by the Uttar Pradesh government till 2027. As per the government’s previously declared policy, CNBC TV reports that the subsidy has been extended for an additional three years.
October 2022 saw the implementation of the ruling.
In October 2022, the administration put this policy into effect. Its goals are to encourage the state’s clean transportation options and foster an atmosphere that encourages EV adoption. The Uttar Pradesh government recently exempted road tax and registration, which prompted this move on hybrid vehicles. After this decision of the government, the savings of the buyers will continue for the next three years. The Uttar Pradesh government offers financial assistance under the plan of Rs 5,000 for two-wheeler purchases and Rs 1 lakh for fully electric vehicle purchases. The program includes Rs 12,000 for electric three-wheelers and Rs 20 lakh for private electric buses. Buyers of electric vehicles receive financial benefits under the new Electric Vehicle Manufacturing and Mobility Policy 2022. This policy lowers the cost of purchasing a car.
In Uttar Pradesh,
the government hopes to encourage investment and output. The government is also supporting service providers in addition to this. The initiative offers an incentive of Rs 1 lakh for four-wheelers and a subsidy of Rs 5,000 for electric two-wheelers. This scheme provides a subsidy of Rs 20 lakh for private electric buses and Rs 12,000 per vehicle for three-wheeler electric vehicles.
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