Cabinet Approves ₹10,900 Crore EV Scheme and ₹3,435 Crore PM-eBus Sewa
This initiative comes with a budget of ₹10,900 crore for a duration of two years.
Prime Minster Narendra Modi at Cabinet meeting.
The Union Cabinet has given the green light to the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) Scheme.
This initiative comes with a budget of ₹10,900 crore for a duration of two years, along with a Payment Security Mechanism (PSM) totaling ₹3,435.33 crore under the PM-eBus Sewa program.
The PM E-Drive scheme will provide ₹3,679 crore in subsidies for e-two wheelers, e-three wheelers, e-ambulances, e-trucks, and other EVs, supporting 2.479 million e-2Ws, 316,000 e-3Ws, and 14,028 e-buses.
The heavy industries ministry will manage the scheme through a dedicated portal. An additional ₹4,391 crore is allocated for public transport agencies to procure 14,028 e-buses.
Demand aggregation will be handled by CESL in nine major cities.
The scheme allocates ₹2,000 crore for the installation of 22,100 fast chargers for electric four-wheelers, 1,800 for electric buses, and 48,400 for electric two-wheelers and three-wheelers.
Additionally, ₹500 crore is designated for electric trucks, and ₹780 crore will be used to modernize EV testing agencies.
