Local auto majors Mahindra & Mahindra and Tata Motors on Thursday hailed the PM E-DRIVE scheme and said it would help in greater adoption of electric vehicles in the country.
On September 11, the Union Cabinet approved two major schemes with a total outlay of Rs 14,335 crore to promote the use of electric vehicles, including buses, ambulances and trucks.
The two schemes are the PM Innovative Electric Vehicle Upgrading Revolution Scheme (PM E-DRIVE) with an outlay of Rs 10,900 crore over a period of two years, and the PM-eBus Sewa Payment Security Mechanism (PSM) scheme with a budget of Rs 3,435 crore.
“With continued focus on 2W, 3W vehicles, electric buses and thoughtful introduction of electric ambulances, the scheme will drive further penetration of electric vehicles in the country,” Mahindra & Mahindra Managing Director Anish Shah said in a statement.
The planned investments in fast-charging infrastructure for all segments will help boost consumer confidence for faster adoption of electric vehicles, he added.
FAME and EMPS have contributed to the 20 per cent penetration of electric three-wheelers in the country, Shah said.
“With PM E-DRIVE, we envision India to become the first country to achieve 100 per cent electrification in this segment by 2030,” he added.
Tata Motors CEO Girish Wagh said the plan will accelerate India’s journey towards zero-emission mobility with greater speed and rigour, especially in the truck, bus and ambulance segment.
“We continue to collaborate with the Government and other stakeholders in this nation-building effort towards sustainable transport,” he added.
Ola founder Bhavish Aggarwal said the plan is a strong push to boost adoption of electric vehicles.
“PM E-DRIVE scheme is a welcome initiative and a major step towards accelerating the adoption of electric vehicles in India. The scheme will provide the necessary impetus for the EV industry to grow and mature rapidly, ensuring a swift transition from internal combustion engines to electric vehicles,” he tweeted.
Yatin Gupte, President and Managing Director, Wardwizard Innovations & Mobility, said this progressive step will propel India towards self-reliance and a greener future.
Switch Mobility CEO Mahesh Babu said the scheme would benefit 2.4 million vehicles, including 28,000 electric buses.
“With around 2,000 orders in hand for SWITCH, we anticipate a CAGR growth of 45-70 per cent over the next 10 years, depending on government schemes like PM E-DRIVE,” he added.
Under the scheme, demand side subsidies/incentives worth Rs 3,679 crore have been provided for e-2W (electric two-wheelers), e-3W (electric three-wheelers), electric ambulances, electric trucks and other emerging electric vehicles.
The scheme will support 2.479 million electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses.
The government had earlier implemented the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) programme in two phases. Around 1.6 million electric vehicles were supported under the FAME 1 and FAME 2 programmes.
First published: September 12, 2024 | 15:58 IS
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