Scheme paves the way for electric ambulances - crucial step towards integrating EVs in to the health sector.
In a surprise move for electric vehicle sector which was hopeful of receiving Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) III subsidy, the union cabinet approved the proposal of Ministry of Heavy Industries (MHI) for implementation of scheme titled ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM EDRIVE) Scheme for promotion of electric mobility in the country.
The scheme which has replaced the FAME, has an outlay of INR 10,900 crore over a period of two years. “Subsidies and Demand incentives worth INR 3,679 crore are provided to incentivize e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses,” the government said.
Soon after the scheme was released, industry players lauded the initiative to boost the sector in order to achieve the targeted penetration of EVs in India.
Hyder Khan, CEO & Director, Godawari Electric Motors said that the scheme is a landmark initiative that aims to accelerate the adoption of electric vehicles across India. “These steps not only lessen the financial strain on OEMs but also promote increased R&D spending and localization of EV parts. With government backing, we can advance technologically, increase production capacity, and transfer cost savings to customers, increasing the accessibility of EVs,” Khan added.
Echoing the same, Akash Gupta, Cofounder & CEO, Zypp Electric said, “With an allocation of INR 10,900 crore, the scheme offers substantial subsidies and incentives, reducing the cost of acquiring electric vehicles.”
This story is from the October 2024 edition of Entrepreneur magazine.
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This story is from the October 2024 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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