Ranchi, Sept 18: The Jharkhand Electric Vehicle Policy 2022, announced recently and waiting to be notified, offers game-changing incentives and subsidies to make the state a desired destination for manufacturers of electric vehicles and related items.
The policy, to remain operational for five years from the date of notification, offers 30% subsidy under the Comprehensive Project Investment Subsidy (CPIS) for fixed capital investments, and 50% rebate on lease premium on land provided by the state.
The CPIS covers investments on plant and machinery, pollution control equipment, environment friendly alternative power generation equipment and expenses towards employee welfare measures such as EPF, ESI and health insurance schemes.
The maximum admissible subsidy in CPIS for micro units is Rs 2 crore, small units Rs 7 crore, medium units Rs 15 crore and for non-MSMEs Rs 30 crore.
The policy offers a 50% rebate on lease premium on land allotted by state government agencies. It will be available to those units that are allotted land within two years of the notification and start production within 15 months from the date of land allotment.
Apart from the help in acquiring land and setting up factories, the state government is willing to bear 6% of the interest cost on loans availed by the e-vehicle manufacturers from public financial institutions and banks for five years from the start of production.
The maximum amount of interest subsidy is Rs 15 lakh for micro enterprises, Rs 50 lakh for small enterprises, Rs 1 crore for medium enterprises and Rs 3 crore for non-MSME sector units. Units classified as non-performing assets (NPA) are ineligible for this.
The policy also promises 100% reimbursement of stamp duty and registration fee for land directly purchased from the raiyats or acquired through consent award, but not the lessee of JIADA and industrial parks.
Other financial incentives include 100% of the expenditure incurred for obtaining quality certifications, 50% of the expenditure incurred per patent registration, 100% electricity duty refund after setting up captive power plant, additional 5% capital subsidy for units coming up in the first two years and being the first two anchor units in a district. Then there are additional benefits for SC/ ST/ women/ differently-abled entrepreneurs.
The eligible sectors are EV automobiles comprising of buses (only EV technology), four wheelers (EV and hybrid), three wheelers (electric) and two wheelers (electric), electric auto component manufacturing units, EV ancillary units, EV battery manufacturers and infrastructure for EV like charging stations, battery swapping stations and others.
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