India Accelerates EV Adoption with Rs 10,900 Crore ‘PM E-DRIVE’ Scheme

ENA Sectors 2024-09-12 15:51:19 New Delhi, Sep 12 (KNN) In a decisive step towards fostering electric mobility, the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the implementation of the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme. The initiative, led by the Ministry of Heavy Industries (MHI), will inject Rs 10,900 crore over the next two years to boost the adoption of electric vehicles (EVs) and build a robust EV infrastructure nationwide. A significant portion of this funding—Rs 3,679 crore—has been set aside for subsidies and demand incentives for various EV segments, including two-wheelers (e-2Ws), three-wheelers (e-3Ws), ambulances, trucks, and other emerging electric vehicle types. This financial support is expected to drive the procurement of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 electric buses (e-buses), contributing substantially to Indias clean mobility goals. To further incentivize EV adoption, the scheme introduces Aadhaar-authenticated e-vouchers that buyers can use at the time of purchase, simplifying the process of availing subsidies. This customer-centric approach is aimed at boosting demand for EVs, while also providing financial relief to purchasers. In a bid to enhance public transportation, Rs 4,391 crore has been allocated to help state transport units in nine major cities—including Delhi, Mumbai, and Kolkata—procure e-buses. This transition is expected to significantly reduce the carbon footprint of urban transport systems. Moreover, the scheme has dedicated Rs 500 crore towards promoting the use of eco-friendly e-ambulances, ensuring patient transport is both efficient and environmentally conscious. Tackling air pollution and promoting the scrapping of old diesel trucks, Rs 500 crore will be used to incentivise e-truck adoption, especially for owners presenting valid scrapping certificates. Additionally, Rs 2,000 crore has been allocated for the installation of over 70,000 fast chargers in key cities and along highways, addressing concerns of range anxiety that continue to deter potential EV buyers. The PM E-DRIVE scheme also emphasises the development of Indias EV manufacturing industry, with Rs 780 crore earmarked for upgrading MHIs test agencies. This move is in line with the governments Aatmanirbhar Bharat initiative, aiming to strengthen domestic production capabilities and generate employment across the EV value chain. Indias bold leap toward electric mobility marks a significant milestone in its fight against climate change, fostering sustainable development and cleaner cities for future generations. (KNN Bureau) 39252 https://knnindia.co.in/news/newsdetails/sectors/india-accelerates-ev-adoption-with-rs-10900-crore-pm-e-drive-scheme 2024-09-12 15:51:19 knnindia.co.in India Accelerates EV Adoption with Rs 10,900 Crore ‘PM E-DRIVE’ Scheme