With upcoming EV market in mind, skill development to attract major incentives
Lucknow: To promote the manufacturing ring of electrical vehicles in Uttar Pradesh, the UP government has decided to provide various incentives and subsidies to the investors. Especially those investors will be encouraged more, who will give importance to the skill development of the employees.
For this, provisions have been made in the EV Manufacturing and Mobility Policy.
Clear information about financial incentives for skill development has been provided in the manual related to the implementation of the policy. According to this, skill development subsidy will be provided to the companies investing in EV manufacturing ring in the state. Not only this, a separate financial incentive will be provided to train the employees in a particular year.
It is notable that Chief Minister Yogi Adityanath had appealed to the companies investing in the state in a recent program to invest in the state as well as make efforts for skill development of the youth, so that a skilled manpower can be created for the future. To be. For this, he had also assured all possible help from the government.
The skill development subsidy has been mentioned in the EV policy. Accordingly, 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, subsidy will also be paid for training maximum 10 employees in a particular year. This incentive benefit will be applicable only to those employees who are employed in the applying manufacturing unit for a period of 12 months prior to joining the training programme. To be eligible for 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.
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’ (First Come, First Serve) will be set for those projects, which are being provided letter of comfort by the state government for promotion under the policy.
It may be known that an MoU has been signed for investing in EV manufacturing ring on a large scale in the state. In the EV manufacturing ring, not only the country but foreign companies also want to come to UP for investment. The biggest investment in these is Hong Kong company Taoshen International Ltd. is a part of the Taushen Group of Companies. Apart from the EV manufacturing ring, this one company has signed an MoU for 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.