UP govt to give subsidy for skill development in manufacturing units under EV policy – World News Network

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Lucknow (Uttar Pradesh) [India], May 10 (ANI): In its bid to promote the manufacturing of electric vehicles in Uttar Pradesh, the CM Yogi government has decided to provide various incentives and subsidies to investors.
According to an official statement, Chief Minister Yogi Adityanath-led government will encourage especially those investors that carry out skill development of the employees.
Provisions have been made in the EV Manufacturing and Mobility Policy in this regard. Clear information about financial incentives for skill development has been provided in the manual related to implementing the policy. Accordingly, a skill development subsidy will be provided to companies investing in EV manufacturing in the state. Additionally, a separate financial incentive will also be provided to train the employees in a particular year.
Pertinent to mention, Chief Minister Yogi Adityanath, in a recent programme, had appealed to the companies investing in the state to also make efforts for skill development of the youth in order to create a skilled workforce and had also assured of all possible help from the government in this regard.
Notably, a skill development subsidy has been mentioned in the EV policy wherein a one-time subsidy at the rate of Rs 5000 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.
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 or State University, College and ITI or Polytechnic, said the statement.
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. Under the policy, the basis of ‘First Come, First Serve’ will be set for those projects, which are being provided a letter of comfort by the State Government for promotion under the policy.
An MoU (memorandum of understanding) has been signed for investing in EV manufacturing on a large scale in the state. Not only Indian companies, but also foreign companies wish to invest in EV manufacturing sector in UP. 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, said the statement. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


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