Explainer: What is PM E-Drive scheme for the Indian auto industry?
PM E-Drive scheme for the Indian auto industry
The Indian government has announced a new PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme for the Indian auto industry. This new scheme will replace the the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME II) scheme which supported the faster adoption of electric and hybrid vehicles. The latter expired in March this year and the PM E-Drive scheme will supersede it but with a smaller outlay.
What does PM E-Drive scheme offer?
The new scheme, under the Ministry of Heavy Industries, has an outlay of INR 10,900 crore for a period of two years, covering electric two-wheelers and three-wheelers. However, electric and hybrid four-wheelers are not a part of the PM E-Drive scheme.
This scheme will offer subsidies on the purchase of electric two-wheelers, electric three-wheelers, electric trucks and buses as well as electric ambulances. It will also support 88,500 electric vehicle charging sites.
The scheme has been conceived with a provision for procuring 14,028 electric buses by state transport units and other public transport agencies, for which INR 4,391 crore has been set aside. The scheme also proposes the installation of 22,100 fast chargers for electric four-wheelers, 1,800 fast chargers for electric buses and 48,400 fast chargers for electric two- and three-wheelers with an outlay of INR 2,000 crore.
Indian auto industry welcomes the scheme:
Various auto manufacturers expressed their support towards the PM E-Drive scheme for electric vehicles in a bid to boost sustainable mobility.
Ola CEO Bhavish Aggarwal: The PM E-Drive scheme is a welcome move and a great step to accelerate EV adoption in India. The scheme will provide the required impetus to the EV industry to scale and mature rapidly, ensuring a swift transition from ICE to EVs!
Anish Shah - Group CEO, the Mahindra Group and Managing Director, Mahindra & Mahindra: We applaud the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country. Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs.
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