PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme
Dear Businessman/Investors,
In Series of KIP: Business and Subsidy Update, today we are going to share introduction and benefit of PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme.
Objective:
The PM E-DRIVE scheme (“the Scheme”), with an outlay of ₹10,900 crore, will be implemented from 1st October 2024 to 31st March 2026, for faster adoption of electric vehicles (EVs), setting up of charging infrastructure and development of EV manufacturing eco-system in the country.
By promoting the use of electric vehicles in India, the program seeks to lessen reliance on fossil fuels and combat climate change. With the ultimate goal of lowering carbon emissions and improving sustainability in transportation, encourage the expansion of the electric vehicle (EV) industry in India by supporting domestic manufacturing and innovation. Additionally, accelerate the adoption of EVs in India by encouraging innovation, improving infrastructure, and offering incentives for EV manufacturing and use.
Key Components:
- Incentives for EV buyers: Subsidies and incentives for individuals and organizations purchasing electric vehicles.
- Support for EV manufacturers: Financial assistance, tax benefits, and other incentives for companies setting up EV manufacturing units in India.
- Charging infrastructure development: Funding for the establishment of EV charging stations across the country.
- Research and development: Encouragement and support for R&D in EV technology, battery development, and other related areas.
The following categories of vehicles will be eligible for support:
a. Buses (only electric buses) (e-bus);
b. Three-Wheelers (electric) including registered e-rickshaws & e-carts and L5 (e-3W);
c. Two wheelers (electric) – e-2W;
d. e-ambulances (electric, plug in hybrid & strong hybrid); and
e. e-trucks and other new emerging EV categories (to be notified subsequently).
Eligibility and Application:
- Eligible entities: Individuals, companies, and organizations involved in EV manufacturing, sales.
- Application process: Online application through the Ministry of Heavy Industries’ website or other designated portals.
The PM E-DRIVE scheme is proposed to be implemented through the following components:
- Subsidies: Demand Incentives for e-2W, e-3W, e-ambulances, e-trucks and other new emerging EV categories,
- Grants for creation of capital assets: e-buses, establishment of network of charging stations & up gradation of testing agencies of MHI, and
- Administration of the Scheme including IEC (Information, Education & Communication) activities and fee for project management agency (PMA).
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