PM E-Drive EV Subsidy Scheme Comes Into Effect In India Amid Global EV Slowdown
The government has notified a new subsidy scheme for adoption of electric vehicles in the world's third-largest automotive industry, even as the transition to electric mobility lags globally.
Called the PM Drive Revolution in Innovative Vehicle Enhancement, or PM E-Drive, the new EV subsidy scheme has a total outlay of Rs 10,900 crore to target nearly 30 lakh electric vehicles over a period of two years, according to a gazette notification put out by the Union Ministry of Heavy Industries. While electric two-wheelers and electric three-wheelers are set to get a significant chunk of the outlay, electric cars have been given a complete miss.
Additionally, Rs 7,171 crore has been set aside for building the charging infrastructure in India—a first for the nascent electric mobility ecosystem. About 22,000 fast chargers for electric cars, 48,400 of those for electric two- and three-wheelers, and 1,800 for electric buses will be set up over the next two years.
"This is a unique, new feature of this new scheme," Union Heavy Industries Minister HD Kumaraswamy had said after the PM E-Drive scheme was first announced on Sept. 11. "Our goal is to reduce our environmental footprint, improve air quality, and build a comprehensive and resilient EV manufacturing industry."
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