H. D. Kumaraswamy Reviews Financing Support for Electric Buses and Trucks

New Delhi, May 21 (KNN) Union Minister for Heavy Industries and Steel H. D. Kumaraswamy held a high-level meeting to discuss financing mechanisms for accelerating adoption of electric buses and electric trucks in the private sector.

The discussions focused on financing challenges related to electric bus and truck adoption, the present status of financing in the sector, possible financial support mechanisms and government interventions required to support large-scale deployment of electric commercial vehicles.

Among the measures discussed were credit guarantee schemes aimed at reducing lending risks for financial institutions and interest subvention mechanisms to lower borrowing costs for private operators purchasing electric commercial vehicles.

The heavy industries ministry in a statement said that electrification of buses and trucks is important for reducing emissions, lowering fuel consumption and supporting India’s decarbonisation and net-zero goals for 2070. 

It further stated that the initiative also aligns with efforts to strengthen energy security, reduce dependence on fossil fuel imports and promote advanced domestic manufacturing.

The meeting, organised by the Ministry of Heavy Industries, was attended by representatives of public and private sector banks including State Bank of India, Punjab National Bank, Canara Bank, Central Bank of India, HDFC Bank and Small Industries Development Bank of India.

Transport operators and industry associations such as All India Motor Transport Congress, Bus Operators Confederation of India and Karnataka Bus Operators Association also participated in the meeting.

(KNN Bureau)