A one-time subsidy of Rs 5,000 per employee per year will be provided to a maximum of 50 employees in the form of reimbursement of stipend for all defined manufacturing projects.
New Delhi : To promote manufacturing of electrical vehicles (EV) in Uttar Pradesh, the government on Wednesday announced a skill development subsidy to private companies under its electric vehicle policy.
The subsidy will be provided to companies investing in EV manufacturing in the state. As per details shared in an official statement, a one-time subsidy of Rs 5,000 per employee per year will be provided to a maximum of 50 employees in the form of reimbursement of stipend for all defined manufacturing projects.
Under this provision, a subsidy will also be paid for training a maximum of 10 employees in a particular year, it said.
“However, this incentive will be applicable only to those employees who are employed in the applicant manufacturing unit for a period of 12 months prior to joining the training programme. To be eligible for this subsidy, this training program should be certified by National Skill Development Corporation or Uttar Pradesh Skill Development Mission or any Central/State University/College or ITI/Polytechnic,” the release added.
Further, it said all incentive benefits will be provided only after the commencement of commercial production as per the provision made in the EV policy. “The aggregate of all financial incentives for manufacturing projects should not exceed 100 per cent of the fixed capital investment,” it said.
The statement also said the state has seen an interest from Indian as well as foreign players to set up EV manufacturing in Uttar Pradesh.
It added, “The biggest investment is coming from a Hong Kong based company named ‘Tauschen International Ltd’, which is a part of the Tauschen Group of Companies. Apart from EV manufacturing, this one company has signed an MoU for an investment of 1.90 lakh crores in many other sectors. Similarly, RG Strategies Group and Cosis Group have also signed major investment agreements in the EV sector. Apart from these, many other companies are preparing to set up manufacturing units in the state.”
Source: PTI
