The Ministry of Heavy Industries has the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which has a INR109 billion (USD1.2 billion) budget. This scheme is a continuation of previous government plans to support the development and adoption of the electric vehicle (EV) industry in India.
Faster adoption of EVs, setting up charging infrastructure and the development of the EV manufacturing ecosystem in the country are the main objectives of the scheme.
To achieve these objectives, subsidies will be provided as demand incentives. In addition, grants will be provided for creating required assets such as e-buses, charging station networks, etc.
To further promote the scheme’s objectives, state governments have been asked to show support through favourable policies on road and toll taxes, permits, parking fees, registration charges, etc.
The secretary of heavy industries will chair an inter-ministerial committee that will monitor the scheme, which takes effect on 1 October 2024 and will continue until 31 March 2026. The Project Implementation and Sanctioning Committee would focus on achieving the objectives of the scheme and removing obstacles and difficulties.
