The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e DRIVE) scheme, launched back on 1 October, 2024. This Scheme mainly aims to boost the changing infrastructure, EV production and boosting the sales of EVs in India. The EV sales has surpassed 6,09,250 units as of October, 30, 2024.
What Is PM e-Drive Scheme?
The PM e-Drive Scheme aims to promote electric mobility in India. Additionally, With an investment upto Rs 10,900 crore within a span of two years. It offers financial benefits upto 25 lakh EV two-wheelers, 3 lakh EV three wheelers and 1400 Electric Buses. The electric cars remain excluded from the scheme. The scheme, which came in to effect from October, 1 ,2024 and will remain in effect till March, 31, 2026.
According to the reports, this scheme will boost EV adoption in India, will enhance the EV infrastructure and give boost to the in-house manufacturing of EVs in India. The total corpus of Rs 10,900 crore of which Rs 1,064 crore for E-2W, Rs 511 crore on subsidies for E-3W. Moreover, under this scheme the electric two-wheelers will get a subsidy of Rs 10,000 per vehicle till the end of FY 25 and Rs 5000 till the end of FY 26. The E-3W such as e-rickshaws and e-carts gets a subsidy of Rs 25,000 for this year and will be reduced to half for FY 26.
This Government’s push towards EV adoption aims at achieving India’s net-zero target for 2070. The PM e DRIVE scheme is the third scheme down the line to promote EV adoption in India. Back in 2015, the Central Government announce the Faster Adoption And Manufacturing of electric vehicles (FAME). This was extended for five years under the name, FAME II.
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