India has been stressing on the adoption of Electric Vehicles over the past few years. To promote adoption, several policies have been developed to encourage manufacturers of batteries and other EV components. In this article, we look at the Andhra Pradesh government’s EV policies.
With the ambition of becoming the global hub for electric mobility development and manufacturing by 2029, Andhra Pradesh has developed an EV policy to promote innovation in next-generation battery technologies, EV powertrains and provide a skilled workforce to fulfil the needs of the EV ecosystem. The state aims to have 1,000,000 EVs on the road by 2024.
Following are the highlights of Andra Pradesh EV policies
- For the development of EV parks, a total of 200-400 hectares of land will be allotted.
- Stamp duty on the purchase of land for EV production will be reimbursed
- Financial assistance of up to 50% (maximum of INR 20 Cr) for investment in building and common infrastructure will be provided.
- The government will establish a Smart Mobility Corporation and a nodal agency that will coordinate all necessary activities regarding futuristic transport needs.
- Manufacturers will get a reimbursement of electricity duty for the first five years
- Until 2024, SGST will be reimbursed for those involved in activities such as leasing, owning or operating EV fleets and providing charging/swapping stations for EV.
- Along with the push for EV mobility, the Andhra government is also working on reducing the use of traditional transportation by levying high charges on registration, renewal, parking fees and congestion fees.
The state also plans to celebrate ‘green days’ in the state capital and other activities to promote electric vehicles.
The Andhra Pradesh government has laid out these policies to give the EV industry in India a much-needed boost. So if you are looking to make an investment in the state, investing in the EV industry won’t be that bad an idea.