Ola founder and CEO Bhavish Aggarwal on Thursday welcomed the government’s PM E-DRIVE scheme and said it is a strong push by PM Narendra Modi to boost EV adoption in India. The PM E-DRIVE scheme, approved by the Union Cabinet on Wednesday with an outlay of Rs 10,900 crore for two years, replaces the flagship FAME programme that ran for nine years till March to boost electric vehicle (EV) adoption in the country.
“A strong push to boost EV adoption by our PM Shri Narendra Modi ji yesterday! The PM E-Drive scheme is a welcome move and a great step to accelerate EV adoption in India. The scheme will provide the required impetus to the EV industry to scale and mature rapidly, ensuring a swift transition from ICE to EVs!” Bhavish Aggarwal said in a post on X.
What is the PM E-DRIVE Scheme?
The PM Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) was approved on September 11, 2024, at the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.
The scheme will support 24.79 lakh electric two-wheelers, 3.16 lakh e-three wheelers, and 14,028 e-buses. It will also support 88,500 charging sites.
The new scheme offers subsidies/demand incentives worth Rs 3,679 crore to incentivise adoption of electric two-wheelers, electric three-wheelers, e-ambulances, e-trucks and other emerging elecric vehicles (EVs).
A sum of Rs 4,391 crore has also been provided for procurement of 14,028 e-buses by state transport undertakings and public transport agencies.
Besides, Rs 500 crore has been earmarked for the deployment of e-ambulances. This is a new initiative of the government to promote the use of e-ambulance for a comfortable patient transport.
A sum of Rs 500 crore has been provided for incentivising adoption of e-trucks.
The PM E-DRIVE scheme replaces the flagship FAME programme that ran for nine years till March. The Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) Scheme was launched in April 2015.
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