Summary:

The Ministry of Heavy Industries has launched projects to strengthen India's Electric Vehicle (EV) ecosystem, aligned with Atmanirbhar Bharat and Viksit Bharat 2047. The PM E-DRIVE Scheme, announced on September 29, 2024, aims to promote electric mobility, with a US$ 1.28 billion (Rs. 10,900 crore) investment over two years, providing incentives for electric vehicles like e-2W, e-3W, buses, ambulances, and trucks, as well as supporting charging infrastructure and testing enhancements. The EMPS 2024 is included in this scheme.

Several significant programs, such as the Production Linked Incentive (PLI) for Auto Components (US$ 3.06 billion), Advanced Chemistry Cells (ACC) PLI (US$ 2.13 billion), FAME-II (US$ 1.36 billion), and the PM e-Bus Sewa (US$ 405 million), strengthen India's EV ecosystem. The Scheme for the Promotion of Manufacturing Electric Passenger Cars (US$ 489.2 million) aims for 50% domestic value addition by year five, thus encouraging EV production and infrastructure expansion.

Source: IBEF

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