Summary:

The Centre has formally announced the PM E-DRIVE plan, which will cost $1.30 billion (Rs. 10,900 crore). The initiative, running from October 1, 2024, to March 31, 2026, aims to promote the adoption of electric vehicles (EVs), construct charging infrastructure, and develop an EV manufacturing ecosystem in India. PM E-DRIVE will also subsume the current Electric Mobility Promotion Scheme (EMPS) 2024, along with its vehicles and expenses.

PM E-DRIVE offers subsidies for electric two- and three-wheelers, e-ambulances, e-trucks, and other EV categories, as well as grants for capital assets such as e-buses and charging infrastructure. The Central Government seeks greater cooperation from state governments for fiscal incentives, such as permission exemptions and tax breaks. Buses will receive $524.2 million out of the $963.4 million allocated, while two-wheelers will receive $211.5 million. The proposal includes a Phased Manufacturing Program, which aims to localize EV components while preventing subsidy misuse.

Source: IBEF 

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.