Punjab Government Approved a New EV Policy, Tax Waivers & More

Category: Automobile

On Friday, the Punjab Cabinet, presided over by Chief Minister Bhagwant Mann, authorised the (PEVP) 2022 in an effort to control the state's air degradation brought on by vehicle emissions. In addition, the EV strategy seeks to promote the country as a preferred location for the production of EVs, EV equipment, and battery, as well as infrastructures, production, technology development, creating jobs, and sustainable development. The first 1 lakh EV purchasers in the state would receive a monetary benefit of up to Rs 10,000 as per the new scheme. A monetary incentives of up to Rs 30,000 would be given to the first 10,000 purchasers of electrical auto-rickshaws and e-rickshaws. As per state Transport Minister Laljit Singh Bhullar, the first 5,000 purchasers of e-carts would receive incentives of up to Rs 30,000, while the initial 5,000 purchasers of light-duty commercial vehicles will receive incentives of up to Rs 30,000–Rs 50,000. In addition to providing incentives, the programme also aims to exclude EV customers from paying registration fees and road taxes. The Punjab EV Policy 2022 seeks to encourage the use of electric cars in cities including Ludhiana, Amritsar, Jalandhar, Patiala, and Bathinda, which account for more than 50% of the region of Punjab's total vehicle traffic. The administration emphasised the installation of charging infrastructure "on a considerable scale" across the state. The revised EV policy was approved only days before an investment event that the state government plans to host in Mohali on February 23–24. According to the release, the strategy also places a lot of emphasis on big firms, startups, developing skills, convenience of doing business, financial incentives, export marketing operations, stakeholder involvement, and complaint resolution. The new policy also identified the focus industries that would receive greater tax breaks, including those that produce vehicles and their parts, including electric vehicles, sporting goods and strength and conditioning equipment, handling equipment, heavy equipment, and industrial machinery, agricultural heavy equipment and machinery, paper-based labelling businesses, resource efficiency businesses that shred paper, and one district, one product. Keywords: - Electric Vehicle, Electric Scooter, Electric Bike, EV News