The Indian government has approved two significant schemes to enhance the use of electric vehicles (EVs) with a total investment of Rs 14,335 crore. The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) will replace the earlier FAME scheme, focusing on various electric vehicles like two-wheelers, three-wheelers, ambulances, and trucks, and offer incentives worth Rs 3,679 crore. Additionally, the PM-eBus Sewa-Payment Security Mechanism (PSM) will support over 38,000 e-buses, promoting public transport. A new e-voucher system for buyers will streamline incentive claims. These initiatives also aim to improve EV infrastructure with the installation of 74,300 charging stations across key locations. This push signifies the government’s commitment to reducing emissions and expanding the EV ecosystem in India.
The Union Cabinet of India has given the green light to two significant schemes aimed at boosting electric vehicle (EV) usage, with a total investment of Rs 14,335 crore. These initiatives include the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE), which comes with a budget of Rs 10,900 crore over the next two years, and the PM-eBus Sewa-Payment Security Mechanism (PSM), allocated Rs 3,435 crore.
PM E-DRIVE is designed to take the place of the previous Faster Adoption and Manufacturing of (Hybrid & Electric) Vehicles (FAME) initiative, which started in 2015 with a modest allocation of around Rs 900 crore, later followed by FAME-II with Rs 11,500 crore. This new scheme is part of the government’s strategy to meet carbon emission targets and increase the penetration of electric vehicles.
Under this scheme, the government plans to support the sale of approximately 2.47 million electric two-wheelers, 316,000 three-wheelers, and 14,028 e-buses. To facilitate this transition, a subsidy of Rs 3,679 crore is being introduced to encourage consumers to adopt electric two-wheelers, three-wheelers, e-ambulances, e-trucks, and other emerging EVs, although it does not include incentives for electric cars.
A novel feature of this scheme is the introduction of e-vouchers for buyers, which can be obtained through an online portal once they provide Aadhaar authentication. After signing the e-voucher, buyers will submit it to the dealers, who will then upload it for reimbursement claims from manufacturers.
In addition to promoting vehicle sales, these schemes also address the pressing need for infrastructure by establishing 74,300 EV charging stations, including 22,100 fast chargers for electric four-wheelers and 1,800 fast chargers for e-buses.
For public transport, the PM-eBus Sewa-PSM will facilitate the deployment of over 38,000 e-buses from 2024 to 2029, with a focus on enhancing passenger transport with e-ambulances and incentivizing e-trucks. Overall, these initiatives are designed not only to promote electric vehicles but also to build a more robust EV ecosystem in India.
As the country aims for a greener future, these schemes mark a significant step in reducing emissions and supporting sustainable transportation, attracting more industry players and increasing sales in the electric vehicle sector.
Tags: Electric Vehicles, PM E-DRIVE, EV Schemes, India Government, Sustainable Transportation, Electric Public Transport.
What is the news about EVs getting Rs 14,000 crore?
The government announced a plan to invest Rs 14,000 crore to support electric vehicles, including ambulances, buses, and trucks.
How will this money be used?
The funds will help make more electric ambulances and transport vehicles, making them easier to buy and use.
Why is this investment important?
This investment aims to reduce pollution and support cleaner transportation options, improving air quality in cities.
Who will benefit from this investment?
Ambulance services, public transport systems, and logistics companies will benefit, as they can upgrade to electric vehicles.
When will this plan take effect?
The details on the timeline have not been fully released yet, but the government is working to implement it as soon as possible.
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